- PAID Network announced receiving funding from Binance, the world’s largest crypto exchange.
- PAID was recently attacked by an unknown hacker who minted 59.4 million PAID tokens worth $166 million.
- The PAID team announced the project would add value to the Binance Smart Chain ecosystem.
PAID Network has announced receiving investment from Binance’s DeFi Accelerator Fund, just weeks after it was hacked.
PAID Will Integrate With Binance Smart Chain
On Mar 5, an unknown hacker exploited PAID Network’s smart contract and minted over 59.4 million PAID tokens worth $166 million at the time.
Such an incident usually spells the end for a crypto project. It would appear, however, that Binance is still confident in PAID’s future.
PAID’s investment allocation by Binance has not been disclosed yet.
It is to be noted that PAID’s ties with Binance have existed for quite some time. The team began building on Binance Smart Chain (BSC), Binance’s EVM compatible blockchain, before the hack.
This means that despite the recent hack, PAID Network continues to enjoy support from the world’s largest crypto exchange. Also, several upcoming DeFi projects are preparing to launch on Ignition, the PAID’s fund-raising launchpad.
The project’s appeal is building a decentralized framework that eliminates complex and expensive legal agreements for crypto projects using smart contracts.
According to Chasse, over 20 projects have lined up to conduct their Initial DEX Offerings (IDOs), including Blind Boxes, an NFT project on the Binance Smart Chain.
“Binance’s investment in PAID will enable us to streamline our development further, cut transaction costs, and accelerate the speed with which both PAID’s dApp and Ignition function,” Chasse said in a press release.
To mitigate the damage caused by the hack, PAID relaunched its token with a new contract to restore pre-hack token balances. Chasse said the team had learned the lesson on security, claiming to have adopted the best security practices to prevent any similar hack in the future.
Multiple security audits were done on the new contract, after which it was moved to a “secure multi-signature wallet” on Gnosis.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article