An attacker was able to get control of the Shido blockchain’s Ethereum staking contract and transfer out billions of Shido tokens, according to PeckShield.
The token for the layer 1 blockchain Shido dropped as much as 94% in just 30 minutes after suffering an exploit.
Blockchain security firm PeckShield alerted to the drop in a Feb. 29 X post. In a follow-up post, it explained an exploiter managed to transfer the blockchain’s Ethereum staking contract to another address with the new owner then upgrading the contract with a hidden function to withdraw staked tokens.
This is a developing story, and further information will be added as it becomes available.
