Friday, June 21, 2024

Paid Network Expolited! Token Crashes 85%, While Hacker Gains $180M

PAID Network, a DeFi platform and the comprehensive toolkit for the business transaction has recently suffered from exploitation claiming the infinite mint attack that led to immediate fall of PAID tokens to more than 85% today. 

The token holders are anticipating a resolution and some holders predicting that the attack was not an exploit but a rug pull in which Decentralized Exchange liquidity pool taken away from the market. 

What triggered the PAID Network to crash?

An unknown hacker exploited a token minting function generated over 59.4 million tokens worth $180 million. The hacker migrated onto selling the created tokens on Uniswap and sold successfully over 2.5 million PAID tokens for more than 2000 ETH. As a result, PAID’s price instantly shattered to $0.30 from $2.80. Some believe that hackers wallet addresses still have more than 56 million tokens costing over $24 million. 

The exploit looks similar to the insurance protocol attack which was recorded in December 2020 where the team issued a new token by taking a snapshot of the holders earlier of the attack.

Must Read: Top 5 Oracle Projects in Crypto to Invest in 2021

Further the Paid network addressed that it is pulling the liquidity and creating new smart contracts and trying to restore the original balance of the users. The paid network also urged the users not to buy the tokens and likely to reissue smart contracts and advised to pull off the liquidity from Uniswap.

WaronRugs, a DeFi community against the rug pulls has already recommended the holders in late January, claiming that the PAID network mints millions of token in any time and dumps most of the tokens on investors. If the investors allege to explain the causes behind the problem, the community replies with obscure answers.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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