500M Scooped by Hackers
This week Binance Smart Chain suffered an unprecedented hack, seeing half a billion dollars extracted from the network (equivalent to two million BNB tokens). In addition, a cross-chain bridge linking with its BNB Chain was targeted, enabling hackers to move BNB tokens off the network. Cross-chain bridges are tools that allow the transfer of tokens from one blockchain to another. The attack forced BNB to suspend services temporarily during the team firefights.
Fortunately, the theft was swiftly halted due to fast action from Binance CEO CZ (Changpeng Zhao). The crypto community has praised the BNB team for retaliating with a coordinated, organized response, seeing all 21 validators on board and updating. In addition, CZ himself posted updates on Twitter late into the night to ensure that investors remained informed, negating fear-driven selling and therefore protecting the value of assets: the price of BNB bounced back and recovered quickly after news of the hack was released.
ORY Network Safe and Still Producing Yield
Oryen Network is new to the crypto market, still in its first presale phase. As Binance Smart Chain was back online quickly following the commendable action taken by CZ and the Binance team, the ORY ICO was unhindered. With the presale completely unaffected, the team can still drive forward with their yield product, safe in the knowledge that the network will be free of issues. Oryen developer Gemini praised the effort, stating: ‘Great work from the Binance Smart Chain team yesterday with an exploit of that size. This bodes well for our future on the blockchain. Looking forward to building a strong, sustainable platform with everyone.’
ORY is the native token of Oryen Network. Using the OAT (Oryen Autostaking Technic) system, ORY allows holders to earn profit simply by holding the token in their wallets without the need to manage the complexities of locking and staking. ORY nets users an impressive 0.177% daily rate of interest, paid out hourly, compounding to an impressive 90% fixed APY. As such yields are crucial for the Oryen community, it is of great comfort that these dividends are so well protected.
PancakeSwap
PancakeSwap is a decentralized exchange part of the Binance Smart Chain ecosystem. After a short period of downtime, the PancakeSwap staking pool continued to provide a yield to those staking their CAKE on the platform.
Conclusion
Hacks will happen, and we must come to accept them: What counts these days is how capable a network is of galvanizing its team to protect assets effectively. Time is of the essence. Due to the prompt workings of the Binance team, PancakeSwap and Oryen Network maintained output for users without fuss. Oryen is now available to buy in its first presale phase (limited allocation).
Learn More About Oryen Network Here:
Join Presale: https://presale.oryennetwork.io/register
Website: https://oryennetwork.io/
Telegram: https://t.me/OryenNetwork
Discord: https://discord.com/invite/jSvaXmb2cB
Twitter: https://twitter.com/oryennetwork
