A recent cyberattack has left the Shido blockchain community shaken. A hacker managed to penetrate the platform’s Ethereum (ETH) staking contract. It resulted in billions of Shido (SHIDO) tokens being siphoned off.
In response, SHIDO entered a devastating downward spiral. PeckShield, a leading blockchain security company, released the news and reported a drop in value of no less than 94%.
Details of the crypto theft
A researcher, known on X by his pseudonym ZachXBT, has op platform X interesting details revealed about how the hacker managed to obtain the Shido tokens. The digital currency was first transferred to the cross-chain protocol Layerswap, a system that connects different blockchain networks.
Then it was moved to the Decision (ARB) blockchain, which is a scalability solution for Ethereum. In addition, ZachXBT has exposed the suspected real identity of the owner of the wallet that financed the transfer. At first, this person seemed to be a victim of the hack.
PeckShield reports that the hacker managed to steal more than 4.3 billion Shido tokens in this way. This is almost half of the total circulating supply of approximately 9 billion tokens. These stolen tokens represent a significant value, estimated at around $35 million, before the price drop occurred.
SHIDO’s gigantic crash. Source: CoinMarketCap.
Official statement Shido
After the attack, the Shido team issued an official statement claiming to have averted further threats and that an investigation has been launched. They called on the hacker to contact them to negotiate a possible reward and promised to give users who staked their tokens their assets back.
Shido announced on February 24 platform X indicated that the mainnet launch would take place soon. SHIDO could already be staked on the project’s decentralized exchange (DEX), allowing holders to earn an annual return of 8%.
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2024-03-03 19:50:28
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