Shido token crashed 94% in 30 minutes, dropping from $0.007985 to $0.0002967.
The exploit targeted Shido’s Ethereum-based staking contract.
Shido, the layer-1 blockchain platform, witnessed a staggering 94% drop in its native token’s value within just 30 minutes, plunging from $0.007985 to $0.0002967. The tragic collapse came in the wake of a severe exploit detected in its Ethereum-based staking contract.
The security firm PeckShield raised the alarm on Thursday after identifying a suspicious “sudden owner transfer” transaction within Shido’s ecosystem. Subsequently, the new owner swiftly used an upgrade to the StakingV4Proxy contract, deploying a concealed withdrawToken function to drain off all available Shido tokens.
According to reports, the attacker withdrew a staggering 4.3 billion Shido tokens, amounting to nearly half of the total circulating supply valued at approximately $35 million before the exploit.
Shido’s Response to the Hack
In response to the c
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