PAID Crashes on Alleged Massive Exploit News

PAID, the native token of PAID Network, a DeFi-focused protocol, crashed by almost 80% in less than an hour on major exploit news.

Per multiple comments on Twitter, the exploit is worth around USD 100m.

“Paid Network $PAID got exploited. Someone just printed 51M $PAID,” ICO Analytics said.

“Looks like casual rug pull. PAID deployer made an attacker the owner of PAID admin contract. This attacker deployed a new implementation contract for PAID token and minted almost 60M tokens,” Igor Igamberdiev, a research analyst at The Block, said.

“We are investigating the issue. We pulled liquidity, are creating a new smart contract, & will be restoring everyone's original balances to before the hack. Those with staked, Lpool & UniFarm $PAID will have their tokens be sent to them manually,” PAID Network said, promising to share more updates “soon.”

At 19:10 UTC, PAID, ranked 469th by market capitalization, trades at USD 0.423 and is down by 85% in a day.

REMINDER:

— PAID NETWORK (@paid_network)

Users are sending the exploiter messages with tx data

— harry.eth ◊ (@sniko_)

❌ Scam Advisory #86- PAID Network $PAID (0x8c8687fC965593DFb2F0b4EAeFD55E9D8df348df)

— #WARONRUGS❌ (@WARONRUGS)

$PAID demonstrates why you should never ever buy a project shilled by a influencer. 99% of influencers do zero chec… https://t.co/ctEmn6itqM

— Buy $HAI – $10 in 2021 (@HAICryptoKing)

The exploiter (0x18738290af1aaf96f0acfa945c9c31ab21cd65be) was funded via a mixer 9 days ago (at block 11918738), likely in preparation of this exploit.https://t.co/xxBjv4aCoR

— harry.eth ◊ (@sniko_) March 5, 2021

_

Learn more: – Crypto Security in 2021: More Threats Against DeFi and Individual Users – Top 4 Risks DeFi Investors Face