Breaking: Paid Network potentially hacked, price drops by 76% instantly

Someone minted around $100 million worth of PAID tokens and sold most of it.
PAID price dropped by 75% instantly but it's not clear if it was a hacker or the team.
The attacker could have potentially accessed the private keys of the team.

Lorenzo Stroe Independent Analyst

PaidNetwork has several successful audits so it's strange to see a mint hack on the protocol. However, someone still managed to mint $100 million worth of the token and dumped it moving the price down by 80%.

PAID/ETH 1-hour chart

So far, the team of Paid Network hasn't said anything, but users have already noticed. Apparently, the deployer contract of Paid Network transferred ownership to the attacker before the $100 million worth of tokens mint.

PSA: I'm hearing that $PAID got exploited... And it's a big one.https://t.co/CxlDS2GwIo https://t.co/39fblCIK1D pic.twitter.com/BZ8tzH68cg
— fomosaurus (@fomosaurus) March 5, 2021

On the Telegram group of Paid, there is also no official answer to the event which has led many users to believe perhaps the team is behind the dump.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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