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🚨The Shido blockchain, a proof-of-stake project, suffered an attack that resulted in the theft of billions of its native Shido tokens. This caused the value of the Shido token to drop by 94% in just 30 minutes.📉 According to blockchain security company PeckShield, the attack resulted in the loss of more than 4.3 billion Shido tokens, nearly half of their circulating supply. Before the price drop, their value was about $35 million. The attack was discovered by PeckShield, which reported it to its followers in a post dated February 29. The attacker was able to gain control of the Shido staking contract on Ethereum, after which he transferred it to another address, where a hidden function was then added to allow the withdrawal of stake tokens. Following the attack, the Shido token price has recovered slightly and is currently at $0.002056, down 74.6% in the last 24 hours, according to data from CoinGecko. An investigation is underway into how the attack was financed through multiple bridges between blockchains. Despite attempts to trace the stolen funds, the trail appears to have gone cold, calling into question the safety of purchasing Shido tokens while the attacker still controls a significant portion of them.

🚨The Shido blockchain, a proof-of-stake project, suffered an attack that resulted in the theft of billions of its native Shido tokens. This caused the value of the Shido token to drop by 94% in just 30 minutes.📉

According to blockchain security company PeckShield, the attack resulted in the loss of more than 4.3 billion Shido tokens, nearly half of their circulating supply. Before the price drop, their value was about $35 million.

The attack was discovered by PeckShield, which reported it to its followers in a post dated February 29. The attacker was able to gain control of the Shido staking contract on Ethereum, after which he transferred it to another address, where a hidden function was then added to allow the withdrawal of stake tokens.

Following the attack, the Shido token price has recovered slightly and is currently at $0.002056, down 74.6% in the last 24 hours, according to data from CoinGecko.

An investigation is underway into how the attack was financed through multiple bridges between blockchains. Despite attempts to trace the stolen funds, the trail appears to have gone cold, calling into question the safety of purchasing Shido tokens while the attacker still controls a significant portion of them.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
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