Concord Publishes Revamped Horizon Bridge Restoration Plan

The workforce behind the Concord protocol have introduced a recent proposal for the restoration of belongings misplaced within the $100 million hacking assault on the Horizon Bridge in June this 12 months.

Concord initially proposed to reimburse the hack victims with the protocol’s native token referred to as ONE, billions of which must have been minted along with the already circulating provide. The proposal additionally required a arduous fork of the Concord blockchain to extend the availability of ONE tokens.

Nonetheless, after an overwhelmingly detrimental response from the neighborhood, the Concord workforce withdrew the plan and tabled an alternate approach of compensating the customers that might see it use the inspiration treasury as a substitute.

In line with the workforce, after “listening to our validators and neighborhood,” the purpose is now to protect the inspiration of the Concord blockchain “with 0% minting.”

“We suggest not minting extra ONE tokens nor altering our tokenomics with a hardfork of the protocol. As an alternative, we suggest deploying our treasury in direction of each restoration and improvement,” Concord stated in a Medium post.

The workforce added that it’s “dedicated to constructing Concord for a few years, to leverage our chain’s distinctive scaling benefits of uniform sharding and notice our long run imaginative and prescient of community adoption and ecosystem progress.”

Concord stated it is going to publish a extra detailed replace outlining the mechanisms to successfully deploy the funds allotted for restoration “ within the coming days.”

The Horizon Bridge Hack

Concord, which is on a mission to resolve the persistent “blockchain trilemma” of balancing scalability with safety and decentralization, revealed the Horizon bridge hack on June 24.

The assault resulted in a theft of roughly $100 thousands and thousands in varied cryptocurrencies, together with Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT) and USD Coin (USDC), which the hackers swapped for Ethereum.

The cross-chain Horizon bridge characteristic allows crypto holders to maneuver belongings between Concord’s community and the Ethereum community, Binance Chain and Bitcoin.

Regardless of the workforce providing a $1 million reward for data resulting in the return of the stolen funds, safety researchers later revealed that the hackers had begun to launder the stolen funds via the now-closed Ethereum mixing service Twister Money.

Blockchain analytics agency Elliptic additionally printed a report on the assault, saying that the style wherein the funds have been stolen and subsequently laundered pointed to the involvement of Lazarus Group, a infamous North Korea-affiliated cybercriminal group.

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