Shido Blockchain Token Suffers 94% Slide Following Major Security Exploit
Summary:
The first layer blockchain token, Shido, plummeted by 94% in less than half an hour due to an exploiter who shifted the blockchain's staking contract and extracted over 4.3 billion Shido tokens. Blockchain defense agency, PeckShield, announced the situation, adding that prior to the drop, the tokens were valued at roughly $35 million. The issue is still ongoing.
The digital currency for the first layer blockchain, Shido, plummeted by an astonishing 94% in less than half an hour due to an exploit. The blockchain defense agency, PeckShield, drew attention to this sudden decrease in a post on February 29. In their subsequent report, they detailed how a malicious actor successfully shifted the blockchain's staking contract to a different location, with the new handler swiftly upgrading the contract with a concealed function that enabled them to extract staked tokens. In a social media post, PeckShield stated "A sudden owner transfer to 0x1982 in @ShidoGlobal. The new handler instantly improves the StakingV4Proxy contract with an undisclosed withdrawToken() function. This secret function is subsequently employed to withdraw the entire collection of 4,353,473,223.864904 $SHIDO tokens."
PeckShield outlined that the exploiter had drawn out over 4.3 billion Shido tokens, which roughly amounted to half of the total circulation of nearly 9 billion tokens, based on the statistics provided by CoinGecko. Before the drastic decrease in value, the tokens fetched a price of nearly $35 million. An user by the name of "Wazz" disclosed that the attacker had sourced the funding for the attack from several bridges but was unable to trace the stolen funds further and advised others against buying as the attacker was still in possession of Shido tokens.
Further details on this ongoing story will be provided as they come to light.
Published At
2/29/2024 7:44:13 AM
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