Binance Invests in PAID Network Just Weeks After Hack
Despite the recent hack, PAID continues to enjoy support from the world's largest crypto exchange.
- 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.
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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.
Here is the news as promised!! Thank you @cz_binance and @binance for your support and belief in us!! And thank you to our amazing community for support to make this happen!!! $PAID + $BNB @paid_network https://t.co/sEz0YvN3zZ
— Kyle Chassé (@kyle_chasse) March 30, 2021
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.