For all the wonders of DeFi, hacking is an unfortunate reality. This was recently the case with the cross-chain bridge protocol, Poly Network (POLY). It was not the first time Poly Network (POLY) experienced such an event.
When these incidents happen, users and investors doubt that particular blockchain’s security. This understandably leads them to seek projects with better security and stronger communities.
An up-and-coming project ticks those boxes, with investors plowing $2.4 million in two weeks of its presale.
Poly Network (POLY) Experiences Another Large-Scale Hack
On July 2, 2023, Poly Network (POLY) fell victim to another massive exploit that forced developers to pause operations. Here, a hacker manipulated a smart contract on Poly Network (POLY) using a ‘fake validator signature and block header.’
This allowed the perpetrator to issue 57 tokens from Poly Network’s (POLY) Ethereum pool to their own address on ten blockchains. Most reports suggested the criminal held around $42 billion worth of tokens. But they couldn’t withdraw the whole stash due to insufficient liquidity.
Claims vary on how much the hacker managed to steal, but the blockchain security company Peck Shield says at least $5 million.
This isn’t the first time hackers have compromised Poly Network (POLY). In 2021, they drained around $600 million worth of assets, one of the largest crypto exploits ever.
As expected, the latest event has left Poly Network’s (POLY) community concerned about the safety of their funds. Despite this, the price suggests many still hold the Poly Network (POLY) token. It remains at $0.12, a level reached after a near-35% bullish trend from June 15, 2023.
Let’s see why investors have shown more confidence in the DeFi project VC Spectra (SPCT).
VC Spectra (SPCT) Introduces A Community-Driven Fund for Future Blockchain and Technology Startups
VC Spectra (SPCT) understands the significance of a strong community that feels empowered in the investing experience. That’s why they’ve created a decentralized, community-fund hedge fund that backs sustainable blockchain and technology ventures.
VC Spectra (SPCT) internal community comprises stakeholders like investors, technologists, and venture capitalists. Together, they will analyze the projects with the highest chance of profitable success.
The external community will experience a trustless platform thanks to smart contracts. For instance, no other group other than them will control their assets. So they can deposit and withdraw at will, with smart contracts handling the storage of funds.
This technology will also automate other key functions like portfolio management and the distribution of profits.
Another differentiator with VC Spectra (SPCT) is that it only backs ESG-focused startups, contributing to a ‘greener’ environment and ethical society.
The Spectra token (SPCT) embodies VC Spectra’s community spirit. SPCT holders will have voting power, meaning users will govern how VC Spectra (SPCT) is run. The goal is to rely on the community’s feedback and insights to improve the platform.
Holding SPCT also provides discounted access to pre-ICOs and quarterly dividends (on top of the regular rewards).
Now is the best time for investors to buy SPCT as it’s trading at a low $0.008. Stage 1 of VC Spectra (SPCT) presale sees only 31% of tokens remaining before Stage 2. Here, the new price will be $0.011.
Yet, purchasing SPCT at the current value of $0.008 could result in a 900% surge (to $0.08) when the platform launches.
Learn more about the VC Spectra presale here:
Buy Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
