PAID Network Rewards Community for Support during Hack

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PAID Network is giving out a $100 allocation to use on its Ignition platform to those who stayed loyal following the hack of March 5.

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The company uses blockchain technology to allow businesses to create smart agreements. The PAID token at the center of the hack acts as the core utility within the Network ecosystem. 

Experts picked up the hack on March. 5 brought in to investigate what happened. The hacker had minted 59,471,745.571 PAID tokens and over 2.5 million of them on Uniswap for ETH before the team noticed and worked to stop it. 

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In a Medium post, the network explained that the hacker got access through a leak of a PAID private key to a non-PAID repo which was then made public. 

Once it was picked up, the company put out a do not-transact advisory on its token. 

To wipe the hacker off the ledger, the network is now relaunching their contracts and token, both named PAID V2. These new tokens have been airdropped to users concerning their V1 holdings. 

PAID Rewarding Loyalty

The network is thanking those who listened to the do not-transact advisory with a special guaranteed allocation of $100 in an upcoming Tier-1 project’s Initial Dex Offering (IDO) on Ignition. The Network assured users that the Ignition platform was not affected by the hack. 

This allocation has been called the Strong-Hands bonus and is going to those who did not buy the dip between 06:07:13 pm +UTC and 10:08:03 pm +UTC on the day of the hack and was airdropped at least 1,000 PAID V2 tokens. 

The effort to keep people using the tokens and restore faith in PAID is in full force. This reward is the second on offer. 

They have already announced another reward that incentivizes their community to hold their new tokens in their wallets. Called the Lucky 7 bonus, the platform offers a 10% bonus of PAID tokens if they don’t move their tokens out in the next 7 weeks. 

Whether these efforts at damage control are enough to keep the community going is still to be seen. But it indicates what kind of work companies facing these kinds of hacks have to put in even after the breach.

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Anirudh works in the financial markets along with being a cryptocurrency and blockchain enthusiast. He has a Master’s degree in Finance. Apart from work, he is a music connoisseur and likes to play the drums.

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