Announces $2 Million Compensation Program for PAID Network Hack Victims

Leading digital asset exchange unveiled a compensation program roughly worth $2 million to compensate all users who lost their funds during the recent hack on the PAID Network. Compensates PAID Network Hack Victims

In what comes as a respite for PAID Network token hodlers – at least for the ones who held the tokens on – the cryptocurrency exchange platform has announced it would reimburse the hack victims to the tune of $2 million.

For the uninitiated, PAID Network is a decentralized application (dApp) platform that enables a borderless civil legal system. Recently, the platform was attacked by an unknown hacker who minted about 59.4 million PAID tokens worth $166 million.

According to an announcement made by PAID Network on March 7, the attacker tapped a compromised private key to exploit the upgrade function of the smart contract powering the network. Subsequently, the attacker chose to ‘upgrade’ to a new smart contract that gives the user the ability to burn and re-mint tokens. That being said, some dialogues in the community speculate that the hack could be a rugpull and not an exploit.

Regardless of the actual nature of the hack, chose to compensate its loyal customers. In that regard, the exchange’s compensation program is meant to cover more than 1,300 users who purchased PAID tokens from during the 4-hour time frame after the hack. Users can apply for compensation at the exchange’s website here.

“Our users have waited for over a month. Despite multiple requests from our end, there was no response or concrete answer from the other side. Even though we hold no responsibility for the PAID Network’s hacking incident, we take our core values of security, transparency, and integrity extremely seriously. This commitment to our users has compelled us to immediately implement a solution in the form of a compensation program,” Marie Tatibouet, CMO at, said in an official statement.

Tatibouet added:

“The PAID Network team did not provide a solution for over 1,000,000 PAID of traders that were affected. It is only after we announced our compensation plan on April 23, that the PAID Network team started a claim process to compensate users from the 4-hour window.”

The compensation program announcement was also shared on’s official Twitter handle on April 23, 4:28 PM UTC +8. The platform confirmed that users should follow the outlined procedure to get the compensation.

It is worthy of note that DeFi analyst @WARONRUGS had already issued a public warning of exactly the same exploit in late January in his post on Twitter. He explained that any contract owner could mint PAID tokens at any time and that traders need to be careful about it.

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Binance Invests $100M in PAID Network Just Weeks After Hack

Key Takeaways

  • PAID Network announced receiving funding from Binance, the world’s largest crypto exchange.
  • PAID was recently attacked by an unknown hacker who minted 59.4 million PAID tokens worth $166 million
  • The PAID team announced the project would add value to the Binance Smart Chain ecosystem.

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PAID Network has announced a $100 million investment from Binance’s DeFi Accelerator Fund. The sum comes just weeks after PAID was hacked for nearly the same amount. 

PAID Will Integrate With Binance Smart Chain

On Mar 5, an unknown hacker exploited PAID Network’s smart contract and minted over 59.4 million PAID tokens worth $166 million at the time.

Such an incident usually spells the end for a crypto project. It would appear, however, that Binance is still confident in PAID’s future. 

It is to be noted that PAID’s ties with Binance have existed for quite some time. The team began building on Binance Smart Chain (BSC), Binance’s EVM compatible blockchain, before the hack.

This means that despite the recent hack, PAID Network continues to enjoy support from the world’s largest crypto exchange. Also, several upcoming DeFi projects are preparing to launch on Ignition, the PAID’s fund-raising launchpad.

The project’s appeal is building a decentralized framework that eliminates complex and expensive legal agreements for crypto projects using smart contracts.

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According to Chasse, over 20 projects have lined up to conduct their Initial DEX Offerings (IDOs), including Blind Boxes, an NFT project on the Binance Smart Chain. 

“Binance’s investment in PAID will enable us to streamline our development further, cut transaction costs, and accelerate the speed with which both PAID’s dApp and Ignition function,” Chasse said in a press release.

To mitigate the damage caused by the hack, PAID relaunched its token with a new contract to restore pre-hack token balances. Chasse said the team had learned the lesson on security, claiming to have adopted the best security practices to prevent any similar hack in the future.

Multiple security audits were done on the new contract, after which it was moved to a “secure multi-signature wallet” on Gnosis.

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Paid Network Partners with PARSIQ to Foster Ecosystem Development

Paid Network has announced a strategic partnership with blockchain software platform PARSIQ to foster its ecosystem development. 

Accelerating Blockchain Development With Synergistic Partnership

The synergistic partnership continues previous collaboration with PARSIQ, which provided additional expertise to plan and execute the PAID V2 launch. PARSIQ also offered data mining capabilities and other support that facilitated the successful launch of the Dapp. 

PARSIQ connects blockchain activity to off-chain apps and provides support to monitor and secure DeFi applications. It also automates workflows for blockchain products and aggregates data from different sources. 

As part of the partnership, Paid will be able to tap into the vast services of PARSIQ.

PARSIQ will also become an integral part of the crisis management and response team at PAID. Furthermore, PAID will access PARSIQ’s data mining and aggregation expertise to streamline backend operations for the PAID ecosystem. 

The partnership with PAID Network is a major one for PARSIQ in its quest to accelerate the mass adoption of blockchain technology.

Kyle Chasse, CEO & Founder of PAID Network expressed his delight in the partnership in a statement:

“I have known and collaborated with some of PARSIQ’s team members for years, collaborating with them on various projects in the blockchain space, but it was after seeing how they swept in so swiftly with their data-mining skills and support I was compelled to bring them on board as data strategic partners. Having them on our side will help ensure PAID’s ongoing development and success,” he said 


PARSIQ is a software platform that connects real-time blockchain transactions, data, and events with various apps, communication channels and web services in order to trigger one or many automations. PARSIQ is making it easier to integrate blockchain infrastructures into existing businesses.

About PAID Network

PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they get paid wherever they are in the world.

PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building smart agreements through smart contracts to execute DeFi transactions and business agreements seamlessly.

PAID streamlines legal backend operations with smart agreements so that projects can focus on making their brand bigger and better. To learn more about PAID Network, visit its website and medium page.

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PAID Network DeFi Platform Attacked as Hacker Gains $3 Million Of ETH After Minting $166 Million Of Tokens

Someone has exploited PAID Network, a decentralized finance DeFi app, via a vulnerability that allowed him to mint about $100 million worth of Paid tokens and sold most of them.

The unknown person exploited the hack through the contract’s token minting feature and created over 59.4 million PAID tokens worth $166 million at the time of the attack. The attacker then moved on to selling the fraudulently created tokens on Uniswap and successfully sold around 2.5 million PAID tokens for about 2000 ETH worth $3 million.

PAID Network is DeFi cryptocurrency project that uses an Ethereum-based token. Network data indicates that more than 2000 ETH was obtained by the hacker after some of the 59.4 million minted PAID tokens were traded on Uniswap decentralized exchange service.

Etherscan data shows that about 2.5 million PAID tokens were sold over the course of 13 transactions.

The culprit dumped the tokens in the Uniswap market, thus causing the price of PAID tokens to drop by 75% instantly. The flood of the tokens into the market instantly crashed the price of the PAID tokens from $2.80 to 0.40. The hacker’s wallet address still contains more than 56 million PAID tokens worth about $24 million.

It is not clear if it was a hacker or a team responsible for the incident. Paid Network has had many successful audits, but it is strange to see a mint hack on the protocol. The attacker could have potentially accessed the private keys of the company’s team.

PAID Network has said that it is pulling liquidity from the vulnerable contract so that to prevent any further damage. The team also plans to create a new contract to restore token balances. Based on its tweet, PAID Network has promised to publish a comprehensive report regarding the hacking incident soon.

DeFi Hacks Raise Eyebrows

DeFi has become of the fastest growing trends in the cryptocurrency industry. Funds locked in decentralized finance have exponentially grown, but companies offering such services have often become the victims of hacks. The boom of the DeFi market has been leveraged by criminal hackers and money launderers. DeFi protocols are permissionless by design, and this means that they often lack clear regulatory compliance and anyone in any nation is able to access them with little or no KYC information collected.

Consumers are advised to keep vigilant to vulnerabilities, fraud, hacks, attacks, and manipulation risks being witnessed in DeFi projects. DEXes have no way of freezing funds like centralized exchanges. This power lies in the individuals DeFi projects themselves. But if companies don’t take proper steps to ensure the security of smart contracts on which their DeFi projects rely, then DeFi would continue to suffer from consequences resulting from inadequate security and AML.

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Hacker Peforms $3 Million Attack On Paid Network

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PAID Network exploiter nets $3 million in infinite mint attack

Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%.

While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: 

The attacker’s wallet still has over 57 million PAID tokens worth $37 million. 

The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels.

The team confirmed on Twitter that they are currently planning for a snapshot and restoration:

However, token holders anxious for a resolution may be out of luck. Some in the community are speculating that the attack on PAID wasn’t an exploit at all, but instead a “rugpull” — a colloquial term for an insider designing contracts to specifically make them exploitable and swiping user funds. 

Nick Chong of Parafi Capital noted on Twitter that Paid’s deployer contract, an externally controlled account, transferred ownership of the deployer to the attacker shortly before the mint, indicating that a member of the team either rugpulled, or errantly allowed the attack to take place with a security lapse:

Additionally, a DeFi risk analysis account @WARONRUGS warned of exactly this exploit in late January, noting that the contract owner can mint PAID tokens at any time:

An on-chain note sent to the attacker has ominously warned that “the LAPD will be in contact with Kyle Chasse very shortly.” Kyle Chasse is the CEO of Paid Network.

Paid Network did not respond to a request for comment by the time of publication.