#Crypto #price #crashes #disastrous #attack #network
A recent cyberattack has left the Shido blockchain community shaken. A hacker managed to penetrate the platform’s Ethereum (ETH) staking contract. It resulted in billions of Shido (SHIDO) tokens being siphoned off.
In response, SHIDO entered a devastating downward spiral. PeckShield, a leading blockchain security company, broke the news and reported a drop in value of as much as 94%.
Details of the crypto theft
A researcher, known on X by his pseudonym ZachXBT, has revealed interesting details on platform X about how the hacker managed to obtain the Shido tokens. The digital currency was first transferred to the cross-chain protocol Layerswap, a system that connects different blockchain networks.
It was then moved to the Arbitrum (ARB) blockchain, which is a scalability solution for Ethereum. In addition, ZachXBT has exposed the suspected real identity of the owner of the wallet that financed the transfer. At first, this person seemed to be a victim of the hack.
PeckShield reports that the hacker managed to steal more than 4.3 billion Shido tokens in this way. This is almost half of the total circulating supply of approximately 9 billion tokens. These stolen tokens represent a significant value, estimated at around $35 million, before the price drop occurred.
SHIDO’s gigantic crash. Source: CoinMarketCap.
Official statement Shido
After the attack, the Shido team issued an official statement claiming to have averted further threats and that an investigation has been launched. They called on the hacker to contact them to negotiate a possible reward and promised to give users who staked their tokens their assets back.
Shido announced on Platform X on February 24 that the mainnet launch would take place soon. SHIDO could already be staked on the project’s decentralized exchange (DEX), allowing holders to earn an annual return of 8%.
Temporarily 20 euros of free crypto of your choice
Ready to delve deeper into cryptocurrency and are you thinking about getting your hands on Bitcoin or another cryptocurrency? In collaboration with Bitvavo, the largest cryptocurrency exchange in the Netherlands, we have a special deal for our readers.
Register with Bitvavo today via the button below and receive 20 euros of crypto of your choice as a gift. Plus, you also benefit from zero trading costs on your first 10,000 euros in transactions. This is your chance to start investing in the world of crypto at no extra cost.
Sir €20,- free
Post Views: 810
