Decentralized finance (DeFi) platform PAID Network Protocol is dealing with the aftermath of an exploit in which the attacker got away with millions of dollars worth of Ethereum (ETH).
Late Friday morning, a hacker successfully minted nearly 60 million PAID tokens, in an exploit similar to that which COVER suffered back in December of 2020.
The hacker ran away with over 2,000 ETH worth $3.16 million and still possesses nearly 57 million PAID tokens, the total value of which has diminished significantly since news of the attack broke.
As of writing, PAID is down 83.6% on the day, according to CoinGecko.
The PAID team says it is currently working to fix the issue and recover losses incurred by PAID holders. PAID is also urging investors not to trade the asset under any circumstances.
“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.”
PAID launched in January of this year and labels itself as a “borderless legal toolkit” that leverages blockchain technology to offer a decentralized and expedited business framework.
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Featured Image: Shutterstock/Tithi Luadthong
