Hack Shake For These 2 Altcoins: The Price Has Crashed 95 Percent! - Kriptokoin.com

The cryptocurrency space has been rocked by two separate incidents involving the Shido blockchain and the Serenity Shield project. The developments highlight the vulnerabilities and challenges facing the Bitcoin and altcoin industry. Here are the details...

Shido loses a lot of staked tokens: Altcoin price drops

On Feb. 29, the Shido blockchain token underwent a devastating exploit, leading to a staggering 94% price drop in just 30 minutes. Blockchain security firm PeckShield has identified the culprit as an exploiter who managed to manipulate the Shido staking contract.

Hi @ShidoGlobal 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 $SHIDO.

Here are related txs:
– owner... pic.twitter.com/VGZtyg9PEf

— PeckShield Inc. (@peckshield) February 29, 2024

This allowed them to transfer more than 4.3 billion Shido tokens, representing almost half of the circulating supply, to a different address. Tokens worth around $35 million before exploiting the vulnerability were effectively stolen. This incident serves as a stark reminder of the potential financial losses associated with security breaches in the crypto world.

Attack on Serenity Shield's hot wallet

A separate project, Serenity Shield, also faced a security issue. Although the team directly denied that it had been hacked, it acknowledged that one of its hot wallets holding SERSH tokens had been compromised. This resulted in unauthorized access and potential theft of tokens. To protect the community, the team announced a reboot plan that included a new robust smart contract and 1:1 token exchange for all holders who purchased SERSH prior to the incident.

🚨 > Security & Serenity Shield's Response 🚨

Today, a MetaMask wallet related to our project was compromised. Consequently, we're taking immediate steps to address this and support our community:

✋ > Stop Trading on PancakeSwap: As previously communicated, please halt all...

— Serenity Shield (@SerenityShield_) February 27, 2024

Other hacks had attracted attention

This incident parallels the recent PlayDapp hack, where a security breach led to the loss of over $290 million in PLA tokens, as we reported as Kriptokoin.com. Furthermore, researchers discovered links between the addresses involved in the Serenity Shield incident and those associated with the December 2023 OKX security breach. This interconnectedness raises concerns about networks of potential malicious actors targeting vulnerabilities in different projects in the crypto ecosystem.

In response to these incidents, experts urge users to exercise caution and exercise caution. Avoiding suspicious connections, practicing healthy skepticism of unexpected account activity, and keeping crypto assets safe are all crucial practices in the face of evolving threats. The Shido and Serenity Shield incidents serve as unfortunate examples of the potential consequences of security breaches in the crypto world, highlighting the need for continuous improvement and strong community support to create a safer and more secure environment.

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