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The token associated with layer 1 blockchain Shido plummeted by as much as 94% within a mere 30-minute timeframe following an exploit incident.
PeckShield, a blockchain security company, raised awareness of this significant decline in a post dated February 29. In a subsequent update, the firm detailed how an attacker transferred the Ethereum staking contract of the blockchain to a different address.
Subsequently, the new owner of the contract upgraded it with a concealed feature enabling the withdrawal of staked tokens.
PeckShield reported that the attacker had withdrawn more than 4.3 billion Shido tokens, which accounted for nearly half of the total circulating token supply of almost 9 billion, according to CoinGecko data.
The value of these tokens was approximately $35 million before the price decline. Additionally, user “Wazz” stated that the exploiter financed the attack through several bridges, but was unable to trace the stolen funds any further. They cautioned against purchasing Shido tokens as the attacker still possessed them.
Also Read: Serenity Shield Token Drops 99% Post MetaMask Wallet Breach
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