Cointelegraph.comCoverExploitHackInfinite MintPaid Network

PAID Network exploiter nets $3 million in infinite mint attack

After an attack at one point worth nearly $180 million, community members are left wondering if the exploit is a “rugpull” or a security lapse.
Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%.While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: Summary of $PAID incident:Total PAID swapped to WETH: 2079.603371141493 = $3,104,887.33Total PAID left in account: 594,717,455.71 = $24,313,147Total amount in attacker account = $27,418,034.33Stay Safe.— vasa (@vasa_develop) March 5, 2021
The attacker’s wallet still has over 57 million PAID tokens worth $37 million. The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels. The team confirmed on Twitter that they are currently planning for a snapshot and restoration: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 …
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