I’m wondering how recovery one and harmony has not said more about the seized funds from the hack. When the news broke that binance and other exchanges have seized Lazarus group’s stolen funds it seemed like they might actually repeg our stablecoins. However, I have not seen any posts about it in weeks. What is going on with this money? Please provide regular updates about the recovery of the substantial stolen funds rather than post about the sad effort to repeg that is ongoing.
Hello unfortunately it’s probably going to take a while for the repeg. I believe the core team and partners are throwing in approximately 150k(USD)/month and then there are a few validators burning ONE assets and a few of us that are burning our staking rewards. Also im pretty sure the recovered funds were approximately 10 million from the 100 million. So unfortunately its not a quick fix unless harmony maybe partners with a project or there are VC funds coming in. Also There’s a pretty HUGE AMA happening tomorrow 3/16/2023
Possible HUGE news. Hope this information helps.
what time Is AMA?? I’d like to hear it , where is it at ??
what was the HUUUGE news?
I believe the AMA was recorded
It’s almost like they don’t intend to use the recovered funds to help repeg our assets
Funds aren’t available yet. Has to go through the courts. Years possibly
Really? Where can I read about it?
Where are the updates about these seized funds? Is the harmony team just going to pocket them?
Still stuck in litigation. Mostly by binance…as far as i know
I’m almost certain Harmony doesn’t control any of the recovered funds(yet). They’re likely either all controlled by some branch of the US gov(FBI possibly for now, DOJ eventually?), or by the entities that seized some of the funds(exchanges, Circle etc) on behalf of the government.
It’s quite a complex situation. The easiest and best thing by far would be for the funds to be returned to Harmony so that they can go into the recovery effort. Really it’s the only thing that makes sense given how unique this is with the depegged assets and such.
Frankly we should all be hoping and maybe even petitioning for this to happen sooner rather than later. Because even ‘sooner’ might take quite a while. Don’t want things tied up in court too long.
The DOJ does return crypto assets though, and there is precedent for that in cases such as Bitconnect(believe it or not lol). So the reasonable thing to do would take care of whatever process needs to be done in the courts or what not and have them hand over custody of the funds back to Harmony(as they were custodied before when they were stolen, it makes sense).