Zero Knowledge protocol Polyhedra Network valued at $1 billion despite recent token theft Polyhedra Network, a Zero Knowledge protocol, is worth $1 billion even after experiencing a recent token theft.
Placer din annonce her. Polyhedra Network, the developer of the zero-knowledge protocol zkBridge, recently achieved unicorn status by raising $20 million in funding which valued the company at $1 billion. A statement was released to CryptoSlate revealing that the project faced a breach, leading to a malicious player accessing its wallet on BNB Chain and stealing about $760,000 worth of THENA tokens. Following this incident, a funding round was led by Polychain Capital, with investments from Animoca Brands, Emirates Consortium, Mapleblock Capital, and Hashkey Capital. Polyhedra has support from various prominent investors such as UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation. The company plans to use its recent funding to grow its team and establish itself as a top advocate for global interoperability using zero-knowledge methods. Polyhedra’s zkBridge has become a well-known solution for zero-knowledge blockchain interoperability, enabling over 20 million cross-chain transactions across 25 blockchains in the last year, including connecting Bitcoin and Ethereum. Meanwhile, the firm Polyhedra Network based in Singapore unveiled its ambitious proposal to create a protocol that would link the Bitcoin and Ethereum ecosystems. This task is considered difficult because Bitcoin does not have smart contract abilities. Nevertheless, the project is not discouraged, as Eric Vreeland, the Chief Strategy Officer at Polyhedra Network, believes that Zero-knowledge technology will play a crucial role in unlocking the complete capabilities of blockchain. He added:. Blockchain technology is groundbreaking as it enables people and organizations to conduct transactions without the need for a trusted third party.