- This topic has 12 replies, 1 voice, and was last updated 3 months ago by Drew-Money.
- Friday, July 1st, 2022 at 22:07 #324341hoanglprParticipant
On 30 June, Harmony team sent the last transaction asking hackers to return stolen assets. They could retain $10M in ETH. If the hackers are willing to do so, they will cease the investigation or manhunt they called.
Sadly, the hackers ignored all the message from the team and laundered the very last ETH roughly 5 hours ago.
What does it mean?
1. who deposited to the smart contract to bridge token to Harmony chain might not be able to get those assets back.
2. who are holding bridged tokens such as 1ETH, 1WBTC, 1USDC are holding ‘basically worthless’ tokens now, because no locked tokens on Ethereum chain are backing their existence on the other side.
3. who are holding ONE? I don’t know, it’s like a sinking ship right now.
I’m not gonna tell you what you should do. I’m not a financial advisor and this is not a financial advice. But be careful with what you are going to be told, because it is like 50/50 bet now.
1. if Harmony team can retrieve stolen assets, which seems to be the case now. They are done. Some said the team could sell their ONE and buy exactly the same amount of stolen assets and deposit back to the smart contract. It is dumb. Their failure leads to $100M hack. Their market cap is $220M, 50% of which is being staked. There is just no chance they could effectively sell enough ONE and buy those stolen assets. And imagine they are going to do so, ONE would drop real real bad.
2. if there is someone or a VC steps in to bail them out, they might have a chance to survive. But the chance is small since liquidity is drained from the market now (due to FED’s quantitative tightening).
3. Why I said it is 50/50 chance. because if they are bailed out, those worthless tokens on Harmony chain will be recovered in value, which means if you buy them now (1ETH, 1WBTC, 1USDC), you could make nearly 8x profit if they are pegged again on Ethereum chain.
To me, I’m not gonna make this bet. It is like flipping a coin right now, and if I ever decide to do that, I’m gambling and not investing.
A lot of things happen now on Harmony that a lot of projects are soon moving to other chain like Polygon.
Don’t listen to anyone who told you to buy the dip, if they can’t give stolen assets back to investors, they are done, so is ONE. Those who told you they are still loving ONE and buy the dip are probably in heavy loss or can’t do anything since their ONE is being locked for staking.Friday, July 1st, 2022 at 22:07 #324342Maxx3141
Harmony dONE?Friday, July 1st, 2022 at 22:07 #324343Nisyth_
All of what you said is true, but I still won’t sell at loss. The way I see it is simple : I did not over-invest, and I don’t mind to see my funds going to zero. If I sell now, it will be at loss for sure. If I keep my stash, maybe in a few years there’ll be a chance to recover IF the Harmony project survives.
I staked my bags and I’m ready to forget about it. We’ll see in the next years or so how it turned out.Friday, July 1st, 2022 at 22:07 #324344captainvontage801
Wow. Who’s next on the chopping block?Friday, July 1st, 2022 at 22:07 #324345bwoksa
Why only 95%? That means my $10 still has 50 cents left ?…Friday, July 1st, 2022 at 22:07 #324346skdesign808
Harmony dONEFriday, July 1st, 2022 at 22:07 #324347DCC808
Oh well, the bright side is!! It’s another barbeque party this weekend.Friday, July 1st, 2022 at 22:07 #324348Farrellfernandez
ONE IS DONE.Friday, July 1st, 2022 at 22:07 #324349Rboy1725
I hear they used DRAGON to do itFriday, July 1st, 2022 at 22:07 #324351pbjclimbing
If the stablecoins don’t repeg the chain is dead. No one will develop on it.
They said they are working on a plan. We will see in the next week or two what happens.
Meanwhile I am having fun trading stables. Made 8% on a DAI play in the past ~12 hours.Friday, July 1st, 2022 at 22:07 #324352Necessary_Ad_8405
I don’t think think harmony is gonna die just cuz a bridge got hacked the bearmarket is bad timing for stuff like this to happen and fucks the price thoFriday, July 1st, 2022 at 22:07 #324353solesupply
I can’t even sell on binance because my stack isn’t worth enough… can’t convert to another currency because I don’t meet the minimum required tokens. It’s not worth buying more to swap and sell. Chalking this one up as a total bust lol.Friday, July 1st, 2022 at 22:07 #324354Drew-Money
Couldn’t they fork ONE and reset this whole thing instead of letting it die?
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