Shido token plummets 94% as exploiter drains Ethereum staking contract

Jesse Coghlan1 hour agoShido token plummets 94% as exploiter drains Ethereum staking contractAn attacker was able to get control of the Shido blockchain’s Ethereum staking contract and transfer out billions of Shido tokens, according to PeckShield.753 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe token for the layer 1 blockchain Shido dropped as much as 94% in just 30 minutes after suffering an exploit.

Blockchain security firm PeckShield alerted to the drop in a Feb. 29 X post. In a follow-up post, it explained an exploiter managed to transfer the blockchain’s Ethereum staking contract to another address with the new owner then upgrading the contract with a hidden function to withdraw staked tokens.Hi @ShidoGlobal There is a sudden owner transfer to 0x1982. The new owner immediately upgrades the StakingV4Proxy contract with a hidden withdrawToken() function. This hidden function is then called to withdraw all 4,353,473,223.864904 $SHIDO.

Here are related txs:

- owner… https://t.co/TZ6oMDGwMG pic.twitter.com/VGZtyg9PEf— PeckShield Inc. (@peckshield) February 29, 2024

PeckShield said the attacker had withdrawn over 4.3 billion Shido tokens — nearly half of the almost 9 billion circulating token supply, per CoinGecko data.

Before the price drop, those tokens were worth around $35 million.

X user “Wazz" said the exploiter funded the attack using multiple bridges but couldn"t further track the pilfered funds, warning others not to buy as the attacker still had Shido tokens.$2.4M ETH and $1.2M $SHIDO tokens stolen

Wouldn't advise "buying the dip" cuz the exploiter still owns $SHIDO tokens

Exploiter funded from accross bridge which was funded from layerswap bridge https://t.co/FNIcQUjego

couldn't go deeper https://t.co/bbkZXrnw5l pic.twitter.com/eYPhjAjeoa— Wazz (@WazzCrypto) February 29, 2024

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