Hacks and exploits are sad but a regular occurrence in the crypto industry.
The attackers usually exploit bugs and vulnerabilities in innovative code, draining funds and then vanishing into nirvana. As a result, 2021 alone saw damage of $3.2 billion from hacks and exploits.
Binance smart chain halted
Over the weekend, unknown hackers exploited the Binance Smart Chain’s token bridge. The vulnerability allowed the hackers to withdraw 2M Binance Coins (BNB) worth over $500M from the BEP-2 to BEP-20 bridge.
However, thanks to the fast reaction of the BSC team and all node validators, the damage was isolated to $100M, which had already been bridged over to Ethereum and Fantom.
The remaining hacked funds of over $400M are still sitting on the chain and are under control, according to CZ, the founder of Binance. A future on-chain governance vote will decide the fate of the funds and how the BSC team will proceed.
Oryen Network sees positive reactions
News of such a massive event usually puts a lot of pressure on markets and the overall sentiment. However, due to the fast reaction and the containment of the damage, the community reacted even more bullishly and got a huge morale booster.
As a result, Oryen Network saw increasing sales in their first presale phase once the chain’s halt was lifted.
$ORY, at the center of Oryen’s Autostaking Technic (OAT), guarantees an excellent annual percentage yield (APY) of 90%.
This APY boils down to precisely 0.177% daily return on investment (ROI). In addition, it removes the need to interact with staking applications and automatically stakes the tokens in your wallet.
Further, the Risk-Free-Value wallet and backup treasury shield the staking platform from market fluctuations while holders of ORY continue to earn seamlessly.
Final thoughts
Actions speak louder than words, and so did the Binance Smart Chain team, which proved its worth with a quick solution to a big issue.
As a result, DeFi projects that develop on the BSC chain, such as Oryen Network, received a massive confidence boost. Lastly, the upcoming auto-staking platform is now available in its presale with an early seed bonus of 15%.
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Source: https://beincrypto.com/binance-reduces-bnb-hack-damage-by-80-oryen-network-shows-strength/