Prepare for a rollercoaster ride in the world of blockchain as the Shido project experiences a shocking exploit that has shaken the crypto community. Witness billions of Shido tokens vanish into thin air, causing a drastic 94% drop in value within just half an hour.
A Heist of Epic Proportions
Reports from PeckShield reveal the chilling truth – over 4.3 billion Shido tokens, worth a staggering $35 million, were snatched away in this high-stakes exploit, leaving investors reeling in disbelief.
In a jaw-dropping twist, the attacker swiftly upgraded the Ethereum staking contract, initiating a covert withdrawal of the massive token stash. The aftermath left the blockchain community in shock and disbelief.
Shido, an ERC-20 token, boasts an enticing 8% annual yield for investors willing to stake their coins on its DEX. The project was on the brink of its mainnet launch, but fate had other plans. Despite a slight token price recovery, Shido now stands at $0.002056, down by 74.6% in the past 24 hours, according to CoinGecko.
A Complex Funding Saga
A digital sleuth revealed a twisted funding trail, as the attacker’s wallet received crypto from Layerswap and Arbitrum before executing the exploit. However, even the wallet owner responsible for funding the attacker fell prey to a sinister hack, adding a layer of mystery to this crypto caper.
Unmasking the attacker’s funding mechanism, it becomes clear that multiple bridges were crossed to carry out this audacious exploit. Despite efforts to trace the stolen funds, the trail has gone cold, serving as a cautionary tale against engaging with Shido tokens while the threat looms large.
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