PAID, the native token of PAID Network, a DeFi-focused protocol, crashed by almost 80% in less than an hour on major exploit news.
Per multiple comments on Twitter, the exploit is worth around USD 100m.
“Paid Network $PAID got exploited. Someone just printed 51M $PAID,” ICO Analytics said.
“Looks like casual rug pull. PAID deployer made an attacker the owner of PAID admin contract. This attacker deployed a new implementation contract for PAID token and minted almost 60M tokens,” Igor Igamberdiev, a research analyst at The Block, said.
PAID Network said they “will be sharing an update shortly on the recent development.”
At 19:10 UTC, PAID trades at USD 0.423 and is down by 85% in a day.
