Concord Dangles 2 Billion Tokens To Pay Again Hack Victims – Who Aren’t Glad With Plan

The Concord protocol has been getting some flak because the firm revealed a hard-fork plan that may generate roughly 5 billion of its native tokens to compensate the victims of the $100 million Horizon Bridge hack that occurred final month.

Proposal for compensating these affected by the compromise of the Concord Protocol cross-chain bridge has been laid down by the Layer 1 workforce weeks after the theft of about $100 million in Ether.

Group members had been requested to vote on various options to their safety breach after Concord grew to become silent for practically a month.

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Concord Has Come Up With Two Choices:

Resolution No. 1 –  A projected 100% clearing with a mint of 4.97 billion ONE tokens, which is equal to a month-to-month issuance of 138 million tokens for 3 years, or round $2.76 million at $0.015 per unit.

Resolution No. 2 –  A projected 50% redemption with a mint of two.48 billion ONE, which is equal to a month-to-month issuance of just about 70 million tokens over three years, or $1.38 million at $0.020 per unit.

This Is What Concord Has To Say About The Proposal:

“In line with the Concord workforce, it’s essential for the ecosystem’s normal well being that pockets injury is minimized in a approach that’s each practicable and advantageous for the challenge.”

Members of the neighborhood reacted negatively to this, with the bulk expressing considerations that the asset would endure inflationary squeeze and shed worth because of the large issuance of the minted tokens.

In line with Concord, its workforce of engineers and analysts have labored around the clock to “brainstorm and develop paths” to be able to compensate anybody affected by the current incident.

In the meantime, the Concord workforce is in search of extra neighborhood suggestions earlier than going ahead. Nevertheless, first reactions seem like overwhelmingly unfavorable, with the majority of feedback on the neighborhood web site and social media expressing grave worries in regards to the notions.

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Losses To World Hacking To Hit $10 Trillion By 2025

Cybersecurity Ventures anticipates that the worldwide price of cybercrime would enhance by 15 p.c yearly over the following 5 years, reaching greater than $10 trillion yearly by 2025, up from $3 trillion in 2015.

In line with a brand new evaluation by Atlas VPN, hackers stole roughly $1.3 billion in practically 80 hacking incidents all through the primary quarter of 2022.

Atlas VPN decided, utilizing knowledge given by Slowmist Hacked, that hacks on Ethereum and Solana’s ecosystems induced greater than $1 billion in losses in the course of the first quarter alone.

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