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?
who deposited to the smart contract to bridge token to Harmony chain might not be able to get those assets back. 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. 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.
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. 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). 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.