 | So Harmony got exploited. Refer to my previous here if you want to know more. https://www.reddit.com/r/CryptoCurrency/comments/vjjwdt/there_was_harmony_once/ But the aftermath is surreal. Let me explain. The tokens that were locked on Ethereum side are supposedly to peg for existence of tokens on Harmony chain. So, all the tokens on Ethereum side (Horizon bridge) were stolen, which means the tokens minted on Harmony chain were basically worthless as there are nothing to back for their existence. So what are you gonna do with those 'worthless' tokens (1WBTC, 1ETH, 1USDC)? You gotta swap for other tokens to take advantage of their price in the liquidity pools, which has not been updated. This explain certain pumps of JEWEL, TRANQ, FIRA, ROY. Then, you wait for people who don't know what happen and FOMO in. Finally, whales exit for ONE to dump on centralised exchanges and people who put money in eventually turn to be exit liquidity. We're in bear market now, and I don't think there's gonna be any VC to bail out Harmony for tokens lost on Horizon bridge. Harmony One is probably Harmony Done now! Not trying to cause any further distress. But I urge anyone who holds their ONE, please don't listen to anyone telling you to buy the dip, including ONE and tokens on its chain. You're gonna be their exit liquidity. Edit #1: So someone said I am FUDDING. Heck no. And their argument is that price of ONE has not been down much. It's clearly shown you have no idea of what is going on now. Look at the price of those tokens I show. They dumped their bags for ONE, because ONE is the only token they could cash out on CEX for real stablecoins like USDT. So that's why ONE has not gone down much. But be prepared for a dump of ONE on CEX. [link] [comments] |
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