PAID Network, an Ethereum-based launchpad promoted heavily by Youtube crypto shiller Ivan on Tech, recently lost investors $100M through a "mint" exploit. The protocol's smart contract suddenly created a huge amount of PAID tokens and dumped them on the market, destroying the price without allowing any real investors the opportunity to sell.
Mint functions are usually insider jobs, because smart contracts must be programmed with this function intact. It cannot be put there by an outsider once the contract is deployed, and only people with access to contract ownership can actually use it even if it is there.
This implicates the PAID team and also Ivan on Tech, who heavily promoted the coin on his Youtube channel to hundreds of thousands of people. Ivan admitted his personal friendship to the CEO of PAID, some fat dumbass named Kyle.
PAID Network is an investor in many other projects. Before investing in anything, you definitely want to check the partnership logos on the page to see if they are affiliated.
(No, I wasn't invested in the project, so this isn't salt. This is me understanding from the beginning and telling you these Youtube shills are not to be trusted.)
WarOnRugs issued a warning about PAID Network weeks ago, saying the protocol minted tokens to wallets that did not participate in the presale. Sounds like a tactic to pay off Ivan on Tech for promoting the project. Ivan is known for this kind of underhanded dealing. If you want to avoid situations like this, WarOnRugs is a good Twitter to follow.
https://twitter.com/WARONRUGS/status/1353771974506459138
Just another little tip — Elliotrades also has a history of rug pulling, so I'd watch out for Superfarm as well. Just sayin.
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Always remember:
Burgerswap Bridge will steal your crypto
Deus.Finance is led by a psychotic wannabe despot
AllianceBlock is a shit project
All algorithmic stablecoins (Basis Cash, Mithril, Empty Set Dollar) are a SCAM
Don’t get your bitcoin from PayPal
Trade on BSC, not Ethereum
Ivan on Tech, Elliotrades and Bitboy are complete liars, and
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