Coin Price 24h %
Back To

A response to PAID Network’s claims:Talk is cheap

2021-04-27 12:00:47Read:29549

Dear users,

As many of you know by now, on March 5th, 2021 the PAID v1 token was exploited. After a tiresome, arbitrary and passive response from the PAID Network team, Gate.io had decided to take matters into their own hands to finally offer a permanent solution.

It has taken PAID network 2 months to then finally release an announcement where they decide to focus on insignificant details instead of a proper solution for the users. It seems to be the running narrative at PAID network, leveraging the bull market for the short term and not having the long term interests of the users at heart.

Unfortunately PAID network has trouble getting facts straight. We understand that the premium focus on promoting the launchpad makes it tricky to recall all events accurately. Here is a refresher to help the PAID Network team get the facts straight. In regards to the unsubstantiated claims in their statement:

"We have already airdropped the v2 tokens to all eligible PAID v2 receiving addresses, in line with our PAID v2 token FAQ. This included all addresses controlled by Gate.io."

PAID Network had announced solutions for all platforms after they were hacked due an exploit of their protocol, except for Gate.io. After first refusing to reimburse the users at Gate.io we managed to show them that it’s important to put users first. PAID Network has NOT sent all tokens to Gate.io. It made sense to us to wait with dispersing all funds until all users were taken care of to prevent any confusion or further insecurity caused by the PAID Network team.

"Preferring to take a joint approach on this solution, PAID Network reached out to Gate.io with a call on April 22nd, 2021, where both parties agreed on a collaborative path forward."

We have been communicating with the PAID team since the beginning of March. There were several 5 to 7 day periods during which we were waiting for a response but never received one. Gate.io was simply urging for a solution by the PAID Network team. It's unfortunate they have such trouble recollecting what happened in reality. Please be reminded that we have proof of all communication.


"Just as Gate.io decided to list $PAID unilaterally without the PAID team’s consent, Gate.io is now running their own claims process unilaterally too."

This entertaining statement insinuates there needs to be some form of permission or consent to launch any project. Let’s state for the record that PAID Network was hacked due to a bug exploit which was first left unattended. Our listing procedures have nothing to do with that.

Furthermore, we have some exciting news regarding this specific statement which we will release very soon! So stay tuned! If we had to wait until the counterparty would take action, quite literally no one would get PAID. After having been aware of a potential scenario for an exploit in late January, the PAID team chose to ignore the warning signals. Specifically, their claim as to a “confirmed” removal of the minting function, was in retrospect a false claim. Soon after, an exploit took place.

https://cointelegraph.com/news/paid-network-exploiter-nets-3-million-in-infinite-mint-attack

"The PAID team is fully committed to resolving the situation and is now opening an official claims process to compensate affected users from the 4-hour We will not be reimbursing Gate.io for any compensation claims submitted on their platform."

If the PAID team was really and truly committed, they wouldn't have waited this long to solve the situation. Nor would they have been promoting their launchpad uninterruptedly instead. Gate.io has never asked for reimbursement for ourselves. We have asked for the PAID Network to take care of the victims of their hack.

As mentioned in the first Gate Compensation Plan announcement to reimburse the affected users, approximately 380,000 PAID V2 tokens that were received will be distributed next week. More procedures will follow shortly. Please remember to fill in our claim form to check for eligibility for a PAID hack refund.

The only good thing that has come from this, is that now finally after a little under 2 months, the PAID network team has started a claim process to compensate affected users from the 4-hour Please find their claim form here.

Let’s remember that the real victims in this situation are the users. Victims who we as Gate.io have decided to compensate. Again, it is disappointing to learn that it has had to come so far for PAID Network to come into action in regards to a solution. We have more surprising facts which we will reveal in due time!

Keeping you updated as we go along on this disconcerting journey!


Gate.io Team
April 27, 2021

Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.



Get 40% of all referees' trading fees in the affiliate program at https://www.gate.io/referral
Click to Sign up :https://www.gate.io/m#/register
Download it now at: https://www.gate.io/mobileapp

Follow us on social
Facebook: https://facebook.com/gateioglobal
Twitter: https://twitter.com/gate_io
Telegram:https://t.me/gateio
Instagram:https://www.instagram.com/gateioglobal
Medium:https://medium.com/@gateio
Share to: