Hackers hacked the PAID protocol and released tokens on $160 million – Bits Media

Decentralized cryptocurrency project Paid Network was hacked in the evening 5 Martha. Hackers were able to control the smart contract and released PAID tokens in the amount $160 million.

Paid Network is an “ecosystem decentralized application, providing opportunities smart contracts to improve business efficiency ". According to Etherscan, Hackers received administrative rights in the Paid Network smart contract and released 59.7 Milln Paid tokens.

Approximately 2.5 Mill of them were sold through a decentralized Uniswap exchange for 13 transactions. The release of tokens occurred in 6 UTC evening, and sales were made between 6:07 and 6:27 Dinner. Hackers helped out more 2 000 ETH, what, at the current course, exceeds $3 million.

Paid tokens were traded in $2.86 apiece and released 59.7 million tokens were estimated at $159.3 million. However, shortly after the sold by the hackers, part of the tokens issued by the Paid course collapsed on 88% And compiled $0.32. The liquidity of the token on the Uniswap exchange before hacking was more $3 million, And then it decreased to $316 000.

Recall, that in early March, attackers hacked the Defi project called Furucombo and withdrew various coins from the protocol worth more $14 million.