PAID Network (PAID)
An Ethereum token whose deployer key was compromised on March 5, 2021, letting an attacker upgrade the contract, mint ~59.5M PAID, and sell ~2.5M for ~$3M in ETH before liquidity was pulled. The team blamed a leaked key; some observers alleged an insider rug.
Also known as: PAID Network, PAID, Kyle Chasse, Kyle Chassé
Note: The cause is contested. The team attributed the incident to a compromised private key; some on-chain observers alleged it resembled an insider rug pull. This entry presents both.
Summary
PAID Network was an Ethereum-based dApp/token project led by Kyle Chassé. On March 5, 2021, an attacker who had obtained the original deployer's private key used the contract's upgrade function to enable burning and re-minting, then minted 59,471,745 PAID tokens and sold about 2.5 million on Uniswap for roughly 2,040 ETH (~$3 million) before the team pulled liquidity. PAID's price fell sharply (reported ~85–88%). [1][2]
Disputed cause
The team's post-mortem attributed the breach to a leaked private key (later said to have been exposed in a third-party repository), not malicious insiders, and the project relaunched a v2 token to invalidate the attacker's mint. However, observers including @WARONRUGS pointed to an ownership transfer of the proxy contract shortly before the exploit and alleged an insider attack. The project had been audited by CertiK. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
People & entities involved
Sources (2)
- PAID Network Attack Postmortem, March 7, 2021 — PAID Network
- PAID Network Attack — Real Exploit or Rug Pull? — Altcoin Buzz
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.