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PAID Crashes on Alleged Massive Exploit News

Source: iStock/Hailshadow

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.

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


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