PAID token crashed 80% after hacker attack on PAID Network
More than 2,000 ETH were stolen from PAID Network. The project token fell by 80% in a matter of hours.
The attackers discovered a vulnerability in the PAID Network smart contract and managed to issue tokens worth almost $ 160 million.
Despite the fact that the project's smart contracts have successfully passed several audits, hackers managed to release 59.7 million PAID tokens. They then tried to sell them on the Uniswap decentralized exchange at an 80% discount. According to Etherscan, the attackers exchanged 2.5 million PAID tokens in 13 transactions.
PAID Network acknowledged the hack. The project promised to restore user balances to the state before the hack. "For this, a new smart contract will be created, and the old one will be disposed of. Those who have placed tokens on staking in Launchpool and UniFarm, the team will return them manually."
Before the hack, the PAID token was trading at about $ 2.86. At the time of this writing, the t
