The PAID Network, an Ethereum-based project, came under attack — an exploit in the smart contract allowed the attacker to mint an additional $160 million worth of native PAID tokens.
Data from Etherscan show that the hacker obtained 59.7 million PAID tokens, which were exchanged on Uniswap for over 2,000 ETH worth more than $3 million.
Platform representatives said they are investigating the issue, have already created a new smart contract, and are working to restore user balances.
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.
We will share more updates soon
— PAID NETWORK (@paid_network) March 5, 2021
In the wake of the incident, PAID’s price collapsed by 91%, according to CoinGecko.
PAID Network is positioned as ‘an ecosystem of dapps using blockchain to create smart contracts that make business processes much more efficient’.
In February, a hacker siphoned tokens worth $37.5 million from the DeFi protocol Cream Finance, exploiting a vulnerability and flash loans.
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