Shido [New]

<ul><li>The rapid sequence of ownership change and contract upgrades highlights vulnerabilities in smart contract management and oversight.</li><li>This exploit underscores the importance of rigorous security audits and monitoring of contract ownership changes in the DeFi space.</li><li>The magnitude of the theft involving billions of tokens, emphasizes the scale at which digital assets are at risk in blockchain projects.</li></ul>Transfer of ownership at ShidoGlobal has led to a significant security breach involving the unauthorized withdrawal of over 4 billion SHIDO tokens. This incident unfolded after the control of the project was handed over to a new owner, identified by the address 0x1982. Subsequently, this change in administration was quickly followed by the update of the StakingV4Proxy contract.A concealed function, withdrawToken, was introduced during this update, which later facilitated the extraction of all the SHIDO tokens from the contract. PeckShield, a blockchain security and data analytics company, shared the post on X, providing the community with a detailed analysis of the exploit&#39;s mechanics and its implications for smart contract security.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/30adf3b374984b049eaa2e7882c7d798.png" />The events began with the transfer of ownership, as documented on the Ethereum blockchain. This crucial transaction marked the start of the exploit. The following step involved the upgrade of the StakingV4Proxy contract.Unbeknownst to the community and stakeholders involved, the exploitative withdrawal function was embedded within this upgrade. The culmination of this scheme was the execution of the withdrawal transaction, which drained the contract of 4,353,473,223.864904 SHIDO tokens.<a href="https://cryptotale.org/shidoglobal-faces-sudden-ownership-change-and-contract-exploit/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

ShidoGlobal Faces Sudden Ownership Change and Contract Exploit

CryptoTale

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