PAID Network Protocol Face Network Attack, Hacker Gains $3.16mln Worth Ethereum
PAID Network Protocol, a decentralized finance (DeFi) covenant is coming to terms with the outcome of a successful hacking incident which caused a loss of millions of dollars’ worth Ethereum (ETH) crypto token.
Earlier on Friday, a hacker was able to successfully mine almost 60 million PAID tokens, by exploiting a coding vulnerability. Interestingly, the hacking incident was similar to the one suffered by Cover back in December 2020.
The hacker has successfully made more than 2,000 ETH worth $3.16 million and still holds almost 57 million PAID tokens, the value of which plunged soon after the new of hacking incident was reported.
At the time of writing this article PAID has rebounded with a gain of 31.7% to trade at $0.3154, after declining 83.6% yesterday. The core team of PAID has stated that it is currently working to resolve the problem and mitigate losses faced by PAID token holders.
The core team of PAID has also requested investors to avoid trading the asset for the time being.
“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. We urge our community to not buy the dip as you will be exposed to the same negative impacts & we may likely have to reissue our smart contract, so we urge you to please wait for next the update. We also advise you pull all your liquidity off Uniswap.”
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
PAID protocol was rolled out in January 2021 and claims to be a “borderless legal toolkit” that capitalizes on blockchain technology to provide a quick and decentralized business infrastructure.