DeFi protocol, The Paid Network that describes itself as a “borderless legal toolkit,” has been exploited. The hackers exploited the contract's token minting feature to create some 60 million PAID tokens.

This resulted in the price of the PAID token losing nearly 97% of its value to crash to $0.1. Just a fortnight ago, the token made a new all-time high at $5.85, as per CoinGecko.

“The team is planning to deploy the new minting contract then redeploy it to everyone”, said Kyle Chasse, founder of the protocol. In the early hours of Saturday, he tweeted,

“There was some exploit or attack on PAID token contract, Certik is actively helping us identify the issue. Please DO NOT buy or sell PAID tokens right now. This issue will be resolved, be calm, don't worry. Feeling gutted, but handling it.”

The CertiK team of engineers is actively working with @paid_network to help investigate their current situation.

— CertiK (@certik_io) March 5, 2021

It was during the late hours of Friday when the reports of the hack came, and the team announced that they 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 tokens be sent to them manually.”

The team has been asking the community not to buy the dips as it can expose the buyer to negative impacts. Not to mention, the team is planning to reissue the Paid Network smart contract. Users and buyers are urged to wait for the next update. The team said,

“Rest assured Kyle and the whole team is actively investigating, we removed all our liquidity, will take a snapshot right before the first dump happened, and will be restoring balances to that amount.”

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