PAID Crashes on Alleged $100m Exploit

Smart contract minting exploit hits Paid Network. Paid network smart contract minting involves token minting of around 60 million Paid tokens worth $37 million. 

Paid Network is a DeFi focused protocol that claims it is a smart contract program for businesses, with a native token called PAID. at the hit of the exploit, the native token crushed to almost 80% just an hour after the exploit. 

In response, multiple analysts on various social media said the exploit is worth around USD 100m.

According to Igor Igamberdiev, research analyst at Block in the tweet

Looks like a casual rug pull. PAID deployer made the owner of the PAID admin contract. This attacker deployed a new implementation contract for PAID token and minted 60 million tokens.”

However, the Paid network team said they are investigating the issue.

According to them; 

“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,” 

They urged their community “not buy the dip as it might expose them to the same negative impacts. They assured the community that they may likely have to reissue our smart contract. “So we urge you to please wait for our next update. We also advise you pull all your liquidity off Uniswap.” they continued. 

At the time of publication, Coingecko data shows PAID token went down at almost 90%, trading at $0.304929.