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.

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The blockchain security and data analytics company, PeckShield, reported that the hacker had withdrawn over 4.3 billion Shido tokens, nearly half of the nearly 9 billion circulating token supply.

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