Shido Token Plunges 80% Following Hack on ETH Staking Contract

Shido token plummets to extreme lows in five minutes following a massive hack.

Shido Token man dropping to the ground in a glitch episode.
Created by Kornelija Poderskytė from DailyCoin
  • The Shido token has plummeted to extreme lows.
  • The development followed an exploit.
  • The Shido team has since confirmed the news.

The native token for layer-1 blockchain Shido plummeted to extreme lows on Thursday following a massive exploit on the project’s Ethereum-based staking contract.

On February 29, blockchain security firm PeckShield alerted the Shido project to a “sudden owner transfer” transaction. The new owner immediately upgraded the StakingV4Proxy contract with a hidden withdrawToken() function and drained all the Shido tokens.

Shido Token Plummets

After the attack, Shido lost over 80% of its value, plunging from $0.008 to $0.0003898 within five minutes. As of press time, the token had lost 78.11% in the law 24 hours, and the price had slightly recovered to $0.0017, according to CoinMarketCap data.


Following the development, the Shido team took to X (Twitter) and confirmed the news.

“Shido is aware of an exploit that caused our staking platform to be compromised. We are in the process of creating a solution that is best for everyone.” The team wrote.

The project further urged all protocol users to check its official website to see whether they can receive a compensatory fund. While the project didn’t mention the amount of tokens stolen, PeckShield estimated that the attack resulted in the loss of 4,353,473,223.864904 Shido, nearly half of the token’s circulating supply, according to CoinGecko data.

Before the price plunge, the tokens were worth about $35 million.


According to popular blockchain detective ZachXBT, the exploiter address was funded via Across on Arbitrum, which received funds through Layerswap. The Shido team had not issued any further update on the matter at press time.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.