Reimbursement Proposal [Horizon Incident]

[BigCryptoKing]

Especially knowing half your team is interviewing and want to jump ship. Instills mad trust. Bunch of washed up engs who couldnt hack it at the big 3. No pun intended.

[Zelpresso]

My vote goes to 100% reimbursement.

If you want to be the bridge to all blockchains you have to ensure people continue to send their funds to harmony.

And there’s literally no other way to raise those funds then by printing.
Goodbye my BTC and ETH, hello devalued and vested ONE.

[PyramidMines]

They should care as much as you and chip in some of the foundation treasury.

[dilutedtozero]

Even without a fork Harmony would have a hard time competing with other chains. You’re just going to kill this project. DFK and others will probably move to their own chains.

[UniteFinance]

@Announcements

The first option proposed is an estimated 100% reimbursement with a minting of 4.97B ONE, which equates to a 3-year monthly emission of 138M tokens ($2.76M using the token price of $0.020). Minted tokens will be gradually brought into circulation over the 3-year period.

Is there a plan by the core team to raise more funding to offset this added monthly sell pressure?

• Will any additional staking or vesting options be available to incentivize the users from not selling?
• How is this increase in supply and monthly emissions of $2.7m forecasted to affect the price in the long term? Has the team modeled this?
• How does $2.7m/month of additional supply airdropped fair with total trading volume of Harmony, is the volume enough to not cause big price impact on monthly basis?

@Announcements

The team is working on plans to reinstate DeFi on Harmony despite these limitations, and we aim to publish more information on our DeFi strategy in the coming weeks.

It is really good to know that a strategy specifically towards DeFi is being worked on. Unite Finance team wants to help in every step of the way and work under core team’s guidance to reestablish DeFi on Harmony.

[CJL]

It’s the professional equivalent of “take it or leave it”

Welcome to the next phase: which will teach you that the largest ONE bagholders have all the say and you can only watch.

To be perfectly honest, I’d probably vote for the chain to keep the money at this point. We can do this on our own, one project at a time.

[Strongest_ONE_Hodler]

I doubt that Harmony ONE will still be around in 2023 to repay these ‘payments’

You think you are saving this chain? No, you are destroying it.

[White_Wolf]

Congratulations for dooming the project. Great process design as well to implement “Byzantine General” problem solving on a PoS chain that has a broken governance model.

Great idea to let investors fight like rats amongst themselves, while displaying sheer incompetence in adhering appropriate security practices. I’m sure the parachutes for team members must be ready & available once the team’s token unlock schedule opens up in December 2022.

[Thyvicious]

There’s no way that this is the best solution that was brainstormed for a month! This feels like an attempt to move on to another project without liability.

[AlphaInAct]

Seems like we should move forwards with this proposal.

Stephen Tse, Please Read

I will apologize for not using my normal account. For some reason, I cannot access it. For those who don’t know me… this is me: I was the first Governor proposed by the Team, to help start the Community DAO. I had concerns then, that they would be mere extensions of Harmony, and ineffectual, so it did not seem like the right time to run. Last night, I sent Stephen and Li the letter that follows. Hoping that given one last opportunity, they might allow common sense to overshadow ego. A…

[Marukai07]

@Announcements

. Why inflation as a source of reimbursement funds?

• We decided against using the foundation treasury in the interest of the longevity and wellbeing of the project as reimbursing from the treasury would greatly hinder the foundation’s ability to support the growth of Harmony and its ecosystem. Harmony foundation is committed to continue supporting Harmony for years to come and plans to reserve the foundation tokens to facilitate this.

TLDR : We decided to keep paying ourselves to make great decisions like 2/4 multisigs that caused this incident to begin with, instead of paying back the people who were affected.

3. Why snapshot a future date vs before the hack event?

• We believe this process is fair and simple to execute. The alternative is taking multiple snapshots covering pre-hack and identifying the wallets that held through, wallets that sold for a loss, and wallets that opportunistically bought. The latter tactic would complicate the overall process without adding additional value.

TLDR: Again we decided what was in our best interest instead of your investors

My tldrs are included under the ones I have issue with honestly this is a big FU to investors of harmony and its statement that just basically says were going to keep paying the team to make dumb decisions and not worry about investors thats why were giving you an inflated token instead of dipping into the treasury

[Beeelzebub]

How about buying ONE with the treasury then borrow all the assets you need to repeg against it. Fix your bridge and reopen it using borrowed assets. Arbitrageurs will need to buy ONE from exchanges, the price will pump and you will be able to repay the loan.

[Harmonyinvestor]

How will you calculate the USD value of tokens in a given wallet?
For example, if you were providing liquidity to the One/1USDC pool on DFK, will you be compensated?
How much will you be compensated?

[Carlos_Crypto]

Good night, this problem hurt the whole harmony community, it is very important that the team sacrifice part of the treasure as an act of good faith, good will, it is not possible that only the idea of increasing the offer of the harmony token is taken into account, I don’t know the value you have in treasury, but it was very important now to focus on the problem and this reimbursement works strongly with treasury money, reducing inflationary pressure on token harmony. For me, the ideal was for an investor to buy the harmony blockchain, making the immediate investment and repag, whether it be ftx, crypto.com, kukoin or any other big player, or a private sale with longer term vesting so as not to inflate the tokens and do the immediate repagation.

[Beeelzebub]

Has anyone looked into filing a class action lawsuit?

[Justin_Tyme]

You invite investor’s onto your chain via an unsecure bridge. This proposal needs to encourage those who are in charge of security, as well as the core team members to inject some of their savings/earnings into the ‘make the investor’s whole’ campaign FIRST and then re-work this proposal with a funding campaign from Binance or FTX, etc…perhaps follow in the footsteps of Sky Mavis (Ronin )

[RagweedRasta]

I second this motion, we need to start a class action against the core team for gross negligence. Any court would jump on the chance to nail a crypto company for this shit!

[BigCryptoKing]

Yes its being discussed.

[RagweedRasta]

Please keep me informed and I will relay infor to the community about steps to be taken

[Strongest_ONE_Hodler]

Yes, someone is doing that right now. They started gathering infos 1 week after the hack.