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. (Updated on March 6, 05:23 UTC with the latest comments and market data.)
Per multiple analysts on social media, 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.
Meanwhile, the team behind the project said they 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.
Also, they urged their community "to not buy the dip as you will be exposed to the same negative impacts and we 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."
On Saturday, 05:20 UTC, PAID, ranked 449th by market capitalization, stands at USD 0.33 and is down by 90% in a day.
PAID price chart:
Source: coingecko.com
Reactions:
Users are sending the exploiter messages with tx data
0x8f04f7a1455999bf363fe7dc7871eb0a1e827d6954d54ba23c548c7d7355f09c
We are yet to see a "nurse who lost $100k" pic.twitter.com/2enf36h3s2
— harry.eth ◊ (@sniko_) March 5, 2021
❌ Scam Advisory #86- PAID Network $PAID (0x8c8687fC965593DFb2F0b4EAeFD55E9D8df348df)
Reason: The owner can mint tokens and did mint tokens to fresh wallets who never bought the presale. Contract is behind a proxy.
Likeliness of losing all funds: Very High
DYOR. #WARONRUGS❌ pic.twitter.com/YQunjpWuxY
— #WARONRUGS❌ (@WARONRUGS) January 25, 2021
$PAID demonstrates why you should never ever buy a project shilled by a influencer. 99% of influencers do zero checks and shill #cryptocurrencies as long as they get paid/free tokens. They have zero morals. For the life of me I don't know why any rational person listens to them. pic.twitter.com/CrFAVEghk5
— Buy $HAI – Will Change Your Life (@HAICryptoKing) March 5, 2021
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
I was filming at the time of the @paid_network HACK, this is my face after i lose millions of dollars ?
These things happen, a snapshot will be taken and things will go back to normal in a matter of weeks. pic.twitter.com/rBUXEpgb8u
— That Martini Guy ₿ (@MartiniGuyYT) March 5, 2021
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Learn more:
– Crypto Security in 2021: More Threats Against DeFi and Individual Users
– Top 4 Risks DeFi Investors Face
