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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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 Protocol Exploited, Attacker Grabs $3,000,000 in Ethereum

Decentralized finance (DeFi) platform PAID Network Protocol is dealing with the aftermath of an exploit in which the attacker got away with millions of dollars worth of Ethereum (ETH).

Late Friday morning, a hacker successfully minted nearly 60 million PAID tokens, in an exploit similar to that which COVER suffered back in December of 2020.


The hacker ran away with over 2,000 ETH worth $3.16 million and still possesses nearly 57 million PAID tokens, the total value of which has diminished significantly since news of the attack broke.

As of writing, PAID is down 83.6% on the day, according to CoinGecko.

The PAID team says it is currently working to fix the issue and recover losses incurred by PAID holders. PAID is also urging investors not to trade the asset under any circumstances.

“We are investigating the issue. We pulled liquidity, are creating a new smart contract, & will be restoring everyone’s original balances to before the hack.

Those with staked, Lpool & UniFarm PAID will have their tokens be sent to them manually. We will share more updates soon.

We urge our community to not buy the dip as you will be exposed to the same negative impacts & we may likely have to reissue our smart contract, so we urge you to please wait for next the update. We also advise you pull all your liquidity off Uniswap.”

PAID launched in January of this year and labels itself as a “borderless legal toolkit” that leverages blockchain technology to offer a decentralized and expedited business framework.

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Featured Image: Shutterstock/Tithi Luadthong


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