Using the PAID Network cryptocurrency project vulnerability on the basis of Ethereum, the attacker released 59.7 million new tokens and moved them to his wallet.
At the time of manipulation with a smart contract, Token traded at $ 2.86, and the total cost of stolen digital assets was 170 million after 7 minutes after the emission and moving funds to his wallet, the attacker began to change them on the air on a decentralized Uniswap Stock Exchange. Over the next 20 minutes, he managed to sell approximately 2.7 million PAID for 2000 Eth and stopped due to the collapse of the course to $ 0.32 (88%).
The incident could be the largest robbery of a cryptoproject in history if not a low liquidity of the tokeny. As a result, the attacker was able to get a little more than $ 3.1 million. Of course, this is a huge amount, but it is 55 times less than the result is a criminal.
Some believe that the possibility of this hacking could be planned by an insider at the stage of developing a smart contract. Representatives of the cryptoso community found that 30 minutes before the launch of the issue, one of the members of the project team conveyed the right to access a contract with a third-party account.
PAID Network is a decentralized application to improve the effectiveness of ADFI agreements.
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