Trends
Shido token plummets 94% in attack
On February 29, PeckShield notified through an X post that the Shido token had suffering 94% drop due to an attack.He also stated that the attacker successfully controled the Shido blockchain’s Ethereum staking contract and transferred billions of Shido tokens. The attack Following the assailant’s e…
Headline
On February 29, PeckShield notified through an X post that the Shido token had suffering 94% drop due to an attack.He also stated that the attacker successfully controled the Shido blockchain’s Ethereum staking contract and transferred billions of Shido tokens. The attack…
Context
On February 29, PeckShield notified through an X post that the Shido token had suffering 94% drop due to an attack.He also stated that the attacker successfully controled the Shido blockchain’s Ethereum staking contract and transferred billions of Shido tokens. Following the assailant’s exploitation of the Ethereum staking contract, Shido tokens experienced a 94% decline, resulting in the transfer of billions of Shido tokens. The PeckShield report highlighted that the attacker successfully took control of the Shido blockchain’s Ethereum staking contract, and through upgrading the contract and adding a hidden function, the attacker withdrew over 4.3 billion Shido tokens, nearly half of the total supply.
Evidence
Pending intelligence enrichment.
Analysis
Shido operates as a Layer 1 proof-of-stake blockchain yet to launch its mainnet. SHIDO is an ERC-20 token based on Ethereum, stakable on the project’s decentralized exchange for an 8% annual yield. Also Read: Sports Illustrated moves NFT tickets to Avalanche blockchain The article mentions over 600 cryptocurrency-related hacking incidents in 2023, resulting in a $2.1 billion loss, showing a nearly 30% decrease from 2022. In January 2024, 30 attacks occurred, leading to a loss of $182.5 million. February also witnessed a series of thefts, including PlayDapp losing $290 million.
Key Points
- The Shido Layer 1 blockchain token experienced a staggering 94% drop within a mere 30 minutes after suffering an Ethereum-based staking contract attack.PeckShield, coming from Blockchain security firm, explained that the attacker successfully moved the blockchain’s Ethereum…
Actions
Pending intelligence enrichment.
