PAID v2 Tokens Still Not With Gate.io Users

PAID tokenholders who bought their tokens from the Gate.io exchange still have not received the replacement tokens, three weeks after the platform was hacked. Those who were holding PAID tokens on Gate.io suffered the same fate as other holders when the platform was breached earlier this month, but whereas tokenholders on decentralized exchanges received their PAID v2 tokens weeks ago, Gate.io holders are still waiting.

Hacker Minted and Sold 59 Million Tokens

The PAID network was breached in early March when an attacker compromised a crucial in-house private key, giving them the ability to mint and sell over 59 million PAID tokens. This resulted in an 88% crash in the price of the token, but the team were quick to deal with the situation, creating a replacement token and distributing it via a pre-crash snapshot within days.

However, those who held the token on the centralized Gate.io exchange still have not received their replacement token, with no update issued for 10 days and questions on social media going unanswered. When asked to comment on the delays, Gate.io pointred FullyCrypto in the direction of a March 10 PAID article announcing the airdrop.

PAID Delays Anticipated

Both PAID and Gate.io admitted at the time that there would be delays in handing out tokens to holders on the exchange “due to the extensive data analysis required”, with the last update coming on March 18 where PAID said they “continue to work with Gate.io in verifying the data they’ve provided us to validate”.

Concerns have already been raised that those who sold their tokens after the hack but before the token was killed off would benefit from having their pre-crash tokens replaced as well as retaining the fiat currency balance associated with any sale.

The PAID token, which dropped to lows of $0.12, is now back at $2.10, 27% lower than its pre-crash price.

Originally published at https://fullycrypto.com on March 29, 2021.

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