Binance CEO Changpeng Zhao made statements about the DeFi attack that occurred during the day and caused a loss of $ 611 million. “Nothing is certain,” says the Binance CEO. In particular, explanations of a name like CZ should reassure confused investors in the markets. Let’s take a look at the details and what happened to forex signals.
- The Poly Network hack event went down in history as the largest DeFi attack to date.
- Many DeFi platforms have been hacked to remind investors of the risks they are taking in this area.
- The losses on Binance Smart Chain, Ethereum and Polygon totaled around $ 611 million.
- The hack, discovered when a transaction using the O3 protocol failed to process a $ 150 million transaction, became the biggest hack since the $ 530 million CoinCheck attack and peaked.
According to SafeTrading, such exploits, which are common in DeFi projects, cause discomfort, especially in the cryptocurrency community. Investors are also concerned that the burgeoning DeFi industry is often affected. In his speech tonight, Binance CEO Changpeng Zhao stated that both centralized and decentralized structures carry certain risks.
All blockchain protocols claim to be immune to cyberattacks they may be exposed to. However, all smart contracts have the potential to be hacked. This ability, of course, has to do with how the protocol encoding is done. At SafeTrading, we can say that projects created by professional teams and passing penetration tests on a regular basis reduce this risk.
The CEO of Binance draws attention to this issue and says that all systems involve certain risks. So there is no system that can be hacked. Some networks still have simple risks like 51% attacks and problems caused by wrongdoing Forex signals.
Changpeng Zhao argues that nothing is safe and the assets stolen by the hackers should be frozen together. It looks like CZ will create a model in the near future where centralized and decentralized exchanges can work together on this issue. Thus, attackers cannot simply convert the received assets into cash and their identity is determined.
Important note for Cardano investors (ADA)!
After falling to $ 1 last month, the price has gradually increased. The two dip lines from the highest point in May were broken by these gradual rises. Limited volume often resulted in limited price movement. During this time, Cardano (ADA) did not disappoint with its bullish predictions.
Cardano cards (ADA)
Cardano (ADA), which was weaker than its crypto assets, which rose last week, is also keeping its losses in check. The price, which was stable against the backdrop of sharply falling markets, did not bring its investors any serious losses due to the low price volatility. The strong price continued to grow steadily, albeit weakly.
- Fibonacci was used on the ATH ADA in May, falling below $ 1 to identify some potential targets on the daily chart. Next week attention should be paid to the 50% ($ 1.73) and 61.8% ($ 1.90) Fibonacci levels.
- Current data for Cardano (ADA) says there could be up to 1.80 writes. Should the price stay above this level, a quick recovery to US $ 2.50 can be expected. For Cardano (ADA), it can be helpful to keep a close eye on 1.34 in the worst case scenario. Many analysts pay attention to this level below.
↑ Bullish growth in Cardano (ADA)
The Relative Strength Index (RSI) is in overbought territory for the second time in three days. Price should continue its supportive role and hold above $ 1.50. The Awesome Oscillator indicates that the price can be higher. The MACD supports all of these bullish expectations.
Weak resistance at 1.90 higher for the bulls. Tests could begin when the price of Bitcoin (BTC) remains stable with small pullbacks. However, the $ 1.5 mark is critical for pullbacks; a strong breakout above the aforementioned 1.90 resistance could push the Cardano (ADA) price to $ 2.5.
Additionally, the fact that the Cardano network will become much more functional for smart contracts in the coming months supports all of these growth scenarios.
Of course, it often happens that the technical or fundamental analysis doesn’t work in the cryptocurrency markets. Extremely volatile markets can also work Investors in danger. Therefore, the information presented here does not constitute investment advice and, due to its risk character, can lead to losses.
MLSDev is a company that builds the best websites and apps for every type of business. One day they helped SafeTrading become what it is like. They gave the advice and advice on production and the systems of the SafeTrading team.
MLSDev is not trying to take all of your money away from you. They try to make the best product as quickly as possible and as cheaply as possible so as not to compromise the quality.
Their mission is to maximize the potential of different customers’ business ideas through innovation. The main goal of our team is to develop a product that will bring you profit. They care about your success and approach every project from a minimal perspective in order to minimize all possible risks and ensure a quick turnaround. As a result, the end product we deliver fully meets market demand.
You can find more information about their services by visiting their website – https://mlsdev.com.