Shido Token Falls, Attackers Drain Ethereum Staking Contracts

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Bittime - Ethereum staking is the process of locking up ETH to support the network and earn rewards. This is a popular way to generate passive income with cryptocurrency.

However, staking also has risks, as shown by the recent attack on the Shido project.

Attack on Shido

Quoted from the Cointelegraph page as quoted from the X (twitter) PeckShield account, on February 27 2024, an attacker exploited a vulnerability in the Shido staking contract and stole 38,000 ETH, worth around $60 million. The attack caused a significant drop in the price of the Shido token (SHIDO), dropping from $0.40 to $0.05.

Attack Details:

Attackers were able to exploit a vulnerability in the withdrawal function of Shido staking contracts. This function allows users to withdraw their ETH from staking contracts. Attackers found a way to trick this function into withdrawing more ETH than they were entitled to.

Impact of Attack

The attack has had a negative impact on the Shido project and the Ethereum community. Shido investors have lost a lot of money, and the Shido project's reputation has been tarnished. The attack also raised concerns about the security of Ethereum staking.

Also read: Staking ETH (Ethereum): New Opportunities in the Blockchain World

Lessons Learned

The Shido attack is a reminder that Ethereum staking is not risk-free. It is important to choose staking projects carefully and do your research before investing. Here are some tips for staying safe when staking Ethereum :

• Choose a reputable staking project. Do your research on the team behind the project and the technology they use.
• Understand the risks involved. Staking Ethereum is not guaranteed to be safe, and you risk losing your investment.
• Use a secure wallet. Store your ETH in a safe and secure wallet.
• Diversify your portfolio. Don't put all your eggs in one basket.

Also Read How to Buy Crypto:

Shido (New) (SHIDO)

• Type: DeFi (Decentralized Finance) ecosystem built around Shido Chain, Shido DeFi Platform, and Shido Wallet.
• Technology: Decentralized Layer 1 Blockchain that uses Transaction Speed, Infinite Scalability and Interoperability from Cosmos.
• Function:
  • Used for governance of the Shido DeFi platform.
  • Used for staking and farming to gain profits.
  • Used to purchase NFTs on the Shido NFT Marketplace.
  • Used to participate in other programs in the Shido ecosystem.
• Price and Performance:
  • According to CoinmarketCap, the price of Shido NEW (SHIDO) is currently experiencing a decrease of 86.31 percent amounting to $0.001054 (Rp. 16.84) as of February 29, 2024.

Conclusion

Ethereum staking is an interesting way to generate passive income with cryptocurrency. However, it is important to be aware of the risks involved and take steps to protect your investment.

Shido's attack is a reminder that it is important to choose staking projects carefully and do your research before investing.

How to Buy Ethereum (ETH) on Bittime

You can buy and sell  Ethereum (ETH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH)  is available on Bittime with  the market pair ETH/IDR . To be able to buy  ETH/IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn  the complete guide on how to buy Ethereum (ETH) on Bittime . 

Monitor price chart movements  for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.  

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.