PAID Crashes 70% In Minutes as Network Purportedly Exploited

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.

$PAID got exploited, the person who minted the additional tokens still owns roughly 49M $ in tokens.

This is not a dip you want to buy.https://t.co/9gYLCGWaa9

— Bagsy (@imBagsy) March 5, 2021