Shido token drops by 90% as exploiter drains Ethereum staking contract

A layer 1 blockchain Shido token experienced over 90% drop in just 30 minutes after an exploit, according to blockchain security firm PeckShield.

Hi @ShidoGlobal There is a sudden owner transfer to 0x1982. The new owner immediately upgrades the StakingV4Proxy contract with a hidden withdrawToken() function. This hidden function is then called to withdraw all 4,353,473,223.864904 $SHIDO.

Here are related txs:
– owner… https://t.co/TZ6oMDGwMG pic.twitter.com/VGZtyg9PEf

— PeckShield Inc. (@peckshield) February 29, 2024

Furthermore, the attacker transferred the Ethereum staking contract to another address and upgraded it with a hidden function to withdraw staked tokens.

The blockchain security and data analytics company, PeckShield, reported that the hacker had withdrawn over 4.3 billion Shido tokens, nearly half of the nearly 9 billion circulating token supply.

$2.4M ETH and $1.2M $SHIDO tokens stolen

Wouldn't advise "buying the dip" cuz the exploiter still owns $SHIDO tokens

Exploiter funded from accross bridge which was funded from layerswap bridge https://t.co/FNIcQUjego
couldn't go deeper https://t.co/bbkZXrnw5l pic.twitter.com/eYPhjAjeoa

— Wazz (@WazzCrypto) February 29, 2024

It is reported that the hacker funded the attack using multiple bridges but couldn’t further track the pilfered funds.

TagsHacker