Shido token plummets 94% as exploiter drains Ethereum staking contract


An attacker was able to get control of the Shido blockchain’s Ethereum staking contract and transfer out billions of Shido tokens, according to PeckShield.

The 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.

This is a developing story, and further information will be added as it becomes available.

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