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<a href="https://bitcoinworld.co.in/shido-token-dives-over-90-following-a-security-breach/" title="Shido Token Dives Over 90% Following A Security Breach" rel="nofollow"></a>
A security breach on the layer-1 blockchain Shido has led to a dramatic drop in its token value, plunging by over 90% within a mere half-hour period. 
The incident occurred after an exploit was detected, with blockchain security firm PeckShield first reporting the anomaly on Feb. 29 through a social media post on <a href="https://twitter.com/peckshield/status/1763055206672048603">X</a>. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Hi <a href="https://twitter.com/ShidoGlobal?ref_src=twsrc%5Etfw">@ShidoGlobal</a> There is a sudden owner transfer to 0x1982. The new owner immediately upgrades the StakingV4Proxy contract with a hidden withdrawToken() function. This hidden function is then called to withdraw all 4,353,473,223.864904 <a href="https://twitter.com/search?q=%24SHIDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIDO</a>. 
 Here are related txs: – owner… <a href="https://t.co/TZ6oMDGwMG">https://t.co/TZ6oMDGwMG</a> <a href="https://t.co/VGZtyg9PEf">pic.twitter.com/VGZtyg9PEf</a> 
 — PeckShield Inc. (@peckshield) <a href="https://twitter.com/peckshield/status/1763055206672048603?ref_src=twsrc%5Etfw">February 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Further analysis by PeckShield revealed that the exploit involved the unauthorized transfer of the blockchain’s Ethereum staking contract to a different address.&nbsp; 
The new owner subsequently modified the contract with a concealed function that facilitated the withdrawal of staked tokens. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/crypto-exchange-four-dragons-reportedly-suffers-100m-hack-in-security-breach/" aria-label="“Crypto Exchange Four Dragons Reportedly Suffers $100m Hack In Security Breach” (Edit)">Crypto Exchange Four Dragons Reportedly Suffers $100m Hack In Security Breach</a> 
According to PeckShield’s findings, the exploiter succeeded in extracting more than 4.3 billion Shido tokens, which accounts for nearly half of the token’s circulating supply of almost 9 billion, as reported by cryptocurrency data aggregator CoinMarketCap.&nbsp; 
Prior to the exploit, the market value of these tokens was estimated at around $35 million. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24SHIDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIDO</a> exploited?<a href="https://t.co/JKa1jC14aR">https://t.co/JKa1jC14aR</a> 
 staking contract was upgraded and exploiter withdrew all <a href="https://twitter.com/search?q=%24SHIDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIDO</a> <a href="https://t.co/jNT4aMa2WY">pic.twitter.com/jNT4aMa2WY</a> 
 — kinnif <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7ea.png" alt="🟪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@0xkinnif) <a href="https://twitter.com/0xkinnif/status/1763040554277900598?ref_src=twsrc%5Etfw">February 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
On-chain researcher ZachXBT, in a post on X, disclosed the identification of the exploiter’s address. This address had received funding via the cross-chain protocol Layerswap before receiving additional funds from the Arbitrum blockchain. 
ZachXBT’s investigation also suggested the discovery of the real identity behind the wallet that funded the exploiter.&nbsp; 
However, it appears that the funding wallet itself had been compromised, as indicated by an unexpected transfer of its assets prior to funding the exploiter. 
Shido, which operates on a proof-of-stake consensus mechanism, has yet to inaugurate its mainnet, with an announcement on Feb. 24 hinting at a launch scheduled for the following week. 
The SHIDO token, based on the Ethereum ERC-20 standard, offers staking opportunities on its associated decentralized exchange (DEX) with a promised annual yield of 8%. 
<figure id="attachment_67213" aria-describedby="caption-attachment-67213" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-67213" src="https://bitcoinworld.co.in/wp-content/uploads/Shido-Price-Chart-483x300.png" alt="" width="638" height="396" srcset="https://bitcoinworld.co.in/wp-content/uploads/Shido-Price-Chart-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Shido-Price-Chart.png 760w" sizes="(max-width: 638px) 100vw, 638px">
 <figcaption id="caption-attachment-67213" class="wp-caption-text">
 Shido Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
The breach on Shido is part of a broader trend of crypto-related security incidents.&nbsp; 
Over the previous year, the cryptocurrency sector experienced more than 600 hacks, resulting in losses exceeding $2.1 billion.&nbsp; 
This figure marked a nearly 30% decrease from the losses recorded in 2022.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/sec-reveals-terraform-labs-suspicious-166m-payment-to-lawyers-before-bankruptcy/" aria-label="“SEC Reveals Terraform Labs’ “Suspicious” $166m Payment To Lawyers Before Bankruptcy” (Edit)">SEC Reveals Terraform Labs’ “Suspicious” $166m Payment To Lawyers Before Bankruptcy</a> 
Despite this decline, the current year has already witnessed 30 attacks in January alone, with losses amounting to $182.5 million. 
Meanwhile, February is shaping up to be a significant month for security breaches in the crypto space, highlighted by a $290 million theft from PlayDapp, along with several million dollars lost to wallet breaches and phishing scams. 
<blockquote>
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</blockquote> 
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The post <a href="https://bitcoinworld.co.in/shido-token-dives-over-90-following-a-security-breach/">Shido Token Dives Over 90% Following A Security Breach</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Shido Token Dives Over 90% Following A Security Breach

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