The popular Defi protocol’s PAID DeFi token, crashed by 70% in only a few moments after what can be said it was another rug pull so let’s take a closer look at our latest altcoin news.
PAID network is one of the most popular initial DEX offerings which took place on the Polkastarter platform a while ago and then brought huge returns to private sale investors and now it seems to be going through a huge attack. The PAID defi token is one of the most heavily promoted IDOs that made some great returns to private sale investors and it seems to have been exploited. Reports on social media point that the platform experienced an exploit and it seems that over 59 million PAID tokens were minted and sold on Uniswap.
$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
Eventually, this resulted in the price of the token crashing and decreasing by more than 80% in a few minutes. At the time of writing, the team hasn’t come up with a statement while many in the community speculate that it was actually a rug pull because the owner of the contract has the capacity to mint new tokens.
Speaking of exploits, DeFi’s Primitive Finance Protocol has just hacked its own smart contracts as a drastic measure to protect the protocol from an exploit. A few hours ago, a critical vulnerability was discovered in Primitive Finance’s smart contracts and the contract could not get upgraded or suspended so the team had to hack the protocol themselves to protect the users’ funds. it stated that most of the funds were secured through users need to take action as some could be at risk.
The blog post outlined that the vulnerability is related to “infinite approvals” that were made on the protocol’s smart contracts and added that manually resetting these approvals back to zero will protect all the assets and those who have used this contract to approve the token spending but some funds could still be at risk. At the time of writing, the vulnerability wasn’t exploited by malicious actors, and the funds were not stolen because of the fast reaction of the protocol’s team.
Also, The DeFi exploits are becoming an everyday thing as the space evolves and attracts both participants and money. The latest of these attacks happened earlier today and saw more than $14 million worth of stolen crypto.
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