Shido token plummets 94% as exploiter drains Ethereum staking contract

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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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