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Entrepreneur Kyle Chasse Talks About His Success & Efforts To Make A Global Change

Entrepreneur Kyle Chasse Talks About His Success & Efforts To Make A Global Change
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How Hackers Get Paid

By Marie Tatibouet, CMO at Gate.io
Looking at the current DeFi landscape, it is impossible to underestimate the sheer level of innovation taking place every single day. Since the beginning of 2020, the DeFi sector has grown from $0.70 million to $65 billion. That’s a >9000% increase in valuation.
However, such explosive growth and innovation come at a price. The DeFi space is a very alluring hunting ground for hackers because it is still nascent and immature despite the brainpower involved. Every other week, some protocol or the other gets hacked or rug-pulled. Of course, certain platforms have more rug-pulls than most, but that’s because they are mostly BS. ....

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Hacker Peforms $3 Million Attack On Paid Network

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The DeFi protocol Paid Network has been exploited via a vulnerability that allowed an attacker to create millions of new tokens.
Millions Dumped By Hacker
On Mar. 5, an unknown hacker exploited Paid Network’s smart contract and created over 59.4 million PAID tokens worth $166 million at the attack time.
“The attacker used a compromised private key to the original contract deployer to leverage the smart contract’s upgrade function. The attacker then proceeded to ‘upgrade’ to a new smart contract that had the ability to burn and re-mint tokens,” the team said.
Soon, the hacker moved on to selling the illicitly-created 2,501,203 $PAID tokens on Uniswap for 2,040.4339 ETH (about $3 million at the time). ....

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PAID Network exploiter nets $3 million in infinite mint attack

PAID Network exploiter nets $3 million in infinite mint attack
After an attack at one point worth nearly $180 million, community members are left wondering if the exploit is a rugpull or a security lapse.
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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: ....

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