PAID Network Launches New Token After Hack

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  • PAID Network has airdropped the first tranche of replacement tokens following last week’s hack
  • A smart contract was exploited last week which saw a hacker sell over $3 million worth of PAID tokens
  • Some holders will have to wait while centralized exchange and staking platforms calculate ownership levels

PAID network has released its replacement token less than a week after the smart contract was exploited and $3 million worth of tokens minted and sold. The Polkadot project has moved quickly to assure supporters that the platform itself remains fully functioning and that PAID v2 tokens will be coming to all those who were holding tokens at the time of the hack. Recipients have also been rewarded with a guaranteed allocation in an upcoming IDO and a 10% bonus if they hold the new tokens for seven weeks.

Hack Saw Token Price Plummet

Last Friday the PAID token plummeted from $2.76 to $0.35 after a hacker managed to comprise an internal private key and mint almost 60 million tokens, crashing the market as they sold some 2.5 million, worth $3.14 million at the time. PAID and its CEO Kyle Chassé moved quickly to announce that the project remained unaffected and that a new version of the PAID token would be issued, with Chassé promising that “Good things come to those who #hodl”.

Confirmation came on Wednesday of how the new PAID token would be issued, with a pre-hack snapshot only based on “liquid tokens from the snapshot taken the block before the attacker’s first sell order on Uniswap”. This first airdrop commenced on the same day, with a second airdrop coming “in the next few days”.

PAID Holders Rewarded for “Strong Hands”

As a result of the first airdrop, the token price bounced back close to its pre-hack level, settling at around $2. Those who were holding their PAID tokens on or were staking them at the time of the hack have been advised that it will take some time to resolve their ownership levels “due to the extensive data analysis required”.

Not only did PAID move quickly to issue new tokens to holders, they also rewarded those who held their tokens through the fallout of the hack with a Strong Hands bonus, which comes in the form of a guaranteed allocation for one of their upcoming IDOs, and also a Lucky7 bonus which sees those who hold their PAID v2 tokens for seven weeks earning a 10% bonus on their holding.