paid-network-382Paid NetworkOn March 5, 2021, the PAID Network smart contract was compromised by an attacker. By exploiting flaws in how the smart contract was secured and managed, the attacker was able to extract approximately $100 million worth of $PAID tokens, and converted about $3 million of it to Ether before being blocked by the PAID Network team. The PAID attacker took advantage of poor key management practices at PAID, not a vulnerability in the PAID smart contract. The network relied on a single private key to manage control over the smart contract; by compromising that private key, the attacker was able to gain control over the upgrade functionality of the contract.

Detail Analysis

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Paid Network

Submit Incident Report

Date:

Status:

Count:

Contributor:

March 5, 2021

Verified

zerofriction.io

Loss Amount:

3,000,000

Recovered Amount:

Currency:

Dollars, $PAID, ETH

KYC By:

Audit By:

None

Website:

https://paidnetwork.com/

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

Key Indicators

Platform:

Type:

Category:

Method:

Ethereum

Network

Dapps

Poor Key Management

Extended Method:

Private key leak

Data Sources:

https://halborn.com/explained-the-paid-network-hack-march-2021/

On March 5, 2021, the PAID Network smart contract was compromised by an attacker. By exploiting flaws in how the smart contract was secured and managed, the attacker was able to extract approximately $100 million worth of $PAID tokens, and converted about $3 million of it to Ether before being blocked by the PAID Network team.

The PAID attacker took advantage of poor key management practices at PAID, not a vulnerability in the PAID smart contract. The network relied on a single private key to manage control over the smart contract; by compromising that private key, the attacker was able to gain control over the upgrade functionality of the contract.

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