- This topic has 3 replies, 1 voice, and was last updated 2 months, 3 weeks ago by Nzm_One.
- Saturday, July 2nd, 2022 at 09:21 #324780Nzm_OneParticipant
There are a lot of ppl here that either withdrawed their funds from harmony with a loss, lost money on stupid nft plays or just simply love to chew on other ppl’s pain.
This comes from some1 who spending 90% of her crypto time on harmony / harmony discord servers. To be transparent Im moderating in 2 projects but Im not a dev or in a team of any sort. I dont get paid by any of them.
So about the 100M hack. Yea there was a hack. It was a hack on a bridge. The hacker started to use tornado to clear the funds, while the harmony team offered a 10M bounty if he resend the other 90%.
*So isn’t this 100M a dead cross for Harmony?* \- No.
*Was this an inside job?* \- I rather invest in tron than believe this was an inside job.
If you were around in the past 1 year there was waaaaay more funds stolen from other projects and chains with much smaller team / fundign background and they survived.
*- Okay, but ppl keep posting projects leaving harmony. Its done sir!*
While there are some bigger projects considering other chains (and I have to emphasize this sometimes means multichain and not transfer) dont be fooled. So far like 5 projects confirmed they are leaving the chain and most of them are dead nft plays that found the perfect timing to relaunch somewhere. Feel free to check on their discords its dead for weeks.
In the “most likely leaving project pack” there is a launchpad for example that basically distributes tokens and the founders didnt even put a finger on it for months.
*So there is no issue, are you saying everything is fine?* \- No.
The main problem isnt that 100M hacked. The problem is the stablecoin depeg. Harmony has a strong community and most of them stored their stables on chain. With the hack the stables (mainly 1USDC) made a depeg and its worth 0,12c now, cause the bridge is currently stopped with no funds on one side.
Harmony giving out decent grants for new and existing projects and with the bear market many stored it in stables.
*- Yea dude, harmony dead. I saw LUNA and I know depeg=death*
While depeg is cleary in issue, the harmony team stated like 10 times that they are working with FBI / focusing on the hack with all resources and cant share details. While this clears out (even with the funds lost / refunded on monday) they will put out plans to restore the peg.
Harmony is a gamind/defi chain. There was a decent amount of nft plays with mints and mints without anything else. Sadly some ppl jumped on these projects despite many warnings and.. there goes their “investment”. These ppl are mad and will fud the chain to death. While there are problems that no1 can deny please make your own opinion about the chain with the words above. Thank you!
To show some really cool projects with actual developers and not defi copypasta, feel free to check these out. They are still running and developing despite the bear market.
\- Crypto Royale [https://cryptoroyale.one/ranked/](https://cryptoroyale.one/ranked/)
\- Moonrobots [https://moonrobots.one/](https://moonrobots.one/)
\- Hville / wenlambo [https://wenlambo.one/](https://wenlambo.one/)
\- Defi kingdoms [https://defikingdoms.com/](https://defikingdoms.com/)Saturday, July 2nd, 2022 at 09:21 #324781AromaticCarob
I personally think Harmony will survive the bear and go on to thrive. But there are threats to overcome that all other projects face as well.Saturday, July 2nd, 2022 at 09:21 #324782BakedPotato840
Nice write up OP. I sold my stack a few months ago when I consolidated my portfolio so while I’m not invested in Harmony anymore I am still hopeful they will bounce back after this blows over.Saturday, July 2nd, 2022 at 09:21 #324783Nzm_One
Also, if you have any questions feel free to ask!
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