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 The blockchain security and data analytics company, PeckShield, reported that the hacker had withdrawn over 4.3 billion Shido tokens, nearly half of the nearly 9 billion circulating token supply.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

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