Summary
TLDR: SHIDO token prices plummeted 90% due to a suspected $35 million rug pull in just 30 minutes, leading to concerns of an exit scam. Other projects like SenecaUSD and Serenity Shield also faced security breaches. The theft was due to an exploit in Shido’s staking contract, wiping out nearly half of its circulating supply. Shido team announced refunds and investigation. Similar incidents occurred with SenecaUSD and Serenity Shield, highlighting the need for robust security in the crypto market.
Key Points
1. The prices of SHIDO tokens plummeted nearly 90% in just half an hour, revealing a suspected $35 million rug pull, causing shockwaves in the crypto market.
2. Other projects like SenecaUSD and Serenity Shield also experienced security breaches this week due to bad actors, highlighting the vulnerability of the crypto ecosystem.
3. The theft on Shido’s Layer-1 blockchain was facilitated by an exploit on its Ethereum-based staking contract, resulting in the withdrawal of 4.3 billion $SHIDO tokens, wiping out nearly half of the circulating supply valued at $35 million.