Popular DeFi protocol PAID Network saw its native token crash by more than 80% in minutes following what may have been yet another rug pull.
PAID Network, one of the most popular Initial DEX Offerings (IDOs) that took place on Polkastarter’s platform a while ago and brought tremendous returns to private sale investors, is going through what seems as a massive attack.
PAID Network, one of the most popular and heavily promoted IDOs that brought massive returns to private sale investors, seems to have been exploited.
Multiple reports on social media point towards the exploit.
It appears that over 59 million PAID tokens were minted and sold through Uniswap.
This resulted in the price of the token taking a nosedive and decreasing by more than 80% in minutes.
PAID/USD. Source: Dextools
At the time of this writing, the team hasn’t come up with an official statement.
Many in the cryptocurrency community speculate that this is a rug pull as the owner of the contract had the capability to mint new tokens.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
