The cryptocurrency project PAID Network has become the latest project from the cryptocurrency world that has been hit hard by a group of attackers who exploited the company and then got away with a massive amount of ETH tokens. Moreover, the attackers also minted a massive amount of tokens also as a result of this exploitation.
PAID Network Suffers Contract Exploit
PAID Network is basically a digital currency project that uses a token that is based on the Ethereum blockchain (the second-biggest blockchain network in the world). This cryptocurrency has undergone a massive contract exploit recently. This contract exploits resulted in the huge minting of tokens.
As reported by The Block News media outlet on the 5th of March, the attacker got away with an amount of 2000 ETH tokens after exploiting the project. This amount is approximately worth a little over $3 million.
Reportedly, the attacker’s contract exploits caused a gargantuan minting in which around $160 million worth of digital coins were minted. Data from the network shows that out of the minted tokens, the trading of 59.7 million PAID coins took place on the trading platform of Uniswap, the famous decentralized exchange (DEX) from the world of decentralized finance (DeFi).
Attacker Sold 2.5M PAID Coins In 13 Separate Transactions
While on the other hand, the data shared by Etherscan shows that a significant amount of these minted tokens was also sold. As per the Etherscan data, the attacker sold an amount of 2.5 million minted PAID coins. The attacker completed this sale of minted tokens within thirteen separate transactions.
Etherscan data also shows that these transactions were made to the Uniswap exchange, where these minted tokens were sold. These transactions took place within the duration of just 30 minutes after the minting by the attacker occurred at 6 p.m. UTC.
This contract exploit of PAID Network also caused its price value to decline significantly. Prior to the exploit, the coin’s price value was holding at around $2.86. However, after the exploit took place, the price value of PAID tokens decreased down from this price mark. At the time of writing, PAID’s price value is changing hands at around $0.35 and is currently trading in the downward direction.