Binance CEO Changpeng Zhao made statements about the DeFi attack that occurred during the day and caused a loss of $ 611 million. “Nothing is safe,” says the CEO of Binance. In particular, explanations from a name such as CZ were expected to calm the bewildered investors in the markets. Let’s take a look at the details and what happened with 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 take in this area.
- Losses on Binance Smart Chain, Ethereum and Polygon were around $ 611 million.
- The hack, which was discovered when an O3 protocol transaction failed to process a $ 150 million transaction, became the largest hack since the 530 million CoinCheck attack and peaked.
Such exploits, which are common in DeFi projects, cause discomfort, especially in the cryptocurrency community by the opinion of SafeTrading. Investors are also concerned that the burgeoning DeFi industry is often hit. In his speech tonight, Binance CEO Changpeng Zhao noted that both centralized and decentralized structures carry certain risks.
All blockchain protocols claim to be immune to cyber attacks that they may face. However, for all smart contracts, there is the possibility of being hacked. Of course, this capability has to do with how the protocol coding is done. We in SafeTrading can say that projects created by professional teams and regularly passing penetration tests reduce this risk.
The CEO of Binance draws attention to this issue and says that all systems carry certain risks. So there is no system that can be hacked. Some networks still have simple risks like 51% attacks and problems caused by wrong forex signals.
Changpeng Zhao argues that nothing is safe and the assets stolen by the hackers should be jointly frozen. 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 will not be able to easily convert the received assets into cash, and their identities will be determined.
Important Notice 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 have been broken by these gradual rises. Limited volume often resulted in limited price movement. However, during this time, Cardano (ADA) did not disappoint with its bullish predictions.
↑ Cardano Chart (ADA)
Cardano (ADA), which was weaker than crypto assets that surged last week, is also keeping its losses in check. The price, which took a stable position against the background of sharp falling markets, did not bring serious losses to its investors due to low price volatility. The strong price continued to grow steadily, albeit weakly.
- Fibonacci was used on the ATH ADA in May and fell below $ 1 to identify some potential targets on its daily chart. Next week, attention is needed at 50% ($ 1.73) and 61.8% ($ 1.90) Fibonacci levels.
- Current data for Cardano (ADA) says there could be writes up to 1.80. If the price holds above this level, a quick recovery to $ 2.50 can be expected. It may be helpful for Cardano (ADA) to keep a close eye on 1.34 in the worst case. Many analysts are paying attention to this level below.
↑ Bullish Growth in Cardano (ADA)
The Relative Strength Index (RSI) is in the overbought zone for the second time in three days. The price should continue its support role, holding above $ 1.50. The Awesome Oscillator indicates that the price may go higher. The MACD supports all of these bullish expectations.
Weak resistance at 1.90 higher for the bulls. Tests could begin if the price of Bitcoin (BTC) remains stable with small pullbacks. However, the $ 1.5 level is critical for pullbacks, a strong breakout of the aforementioned 1.90 resistance could push the Cardano (ADA) price to $ 2.5.
Moreover, 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 technical or fundamental analysis does not work in cryptocurrency markets. Extremely volatile markets can also leave investors at risk. Therefore, the information presented here does not provide investment advice and may result in losses due to its risky nature.
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