PAID Network, a decentralized cryptocurrency project, was hacked on the evening of March 5. Hackers were able to manage a smart contract and issued PAID tokens worth $ 160 million.
PAID Network is “an ecosystem-based decentralized application that provides smart contract capabilities to improve business performance.” According to Etherscan, hackers obtained administrative rights in the PAID Network smart contract and issued 59.7 million PAID tokens.
Approximately 2.5 million of them were sold through the Uniswap decentralized exchange in 13 transactions. The token release occurred at 6pm UTC, and the sale took place between 6:07 pm and 6:27 pm. Hackers raised more than 2,000 ETH, which, at the current exchange rate, exceeds $ 3 million.
PAID tokens were traded at $ 2.86 apiece, and the issued 59.7 million tokens were valued at $ 159.3 million.However, soon after the sale of some of the issued tokens by hackers, the PAID rate collapsed by 88% and amounted to $ 0.32. The liquidity of the token on the Uniswap exchange before the hack was more than $ 3 million, and after that it dropped to $ 316,000.
Recall that in early March, attackers hacked a DeFi project called Furucombo and removed various coins worth more than $ 14 million from the protocol.