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 lost a large amount of staked tokens: Altcoin price dropped
On February 29, the Shido blockchain token suffered a devastating exploit. This led to a staggering 94% price drop in just 30 minutes. Blockchain security firm PeckShield identified the culprit as an exploiter who managed to manipulate the Shido staking contract.
This represents almost half of the circulating supply. The exploit allowed the attackers to transfer more than 4.3 billion Shido tokens to a different address. Tokens worth approximately $35 million before the exploit 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 denied being directly hacked, they did admit that one of their 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 relaunch plan that includes a new robust smart contract and 1:1 token swap for all holders who purchased SERSH before the event.
Other hacks attracted attention
This event, cryptokoin.com As we reported, it reminded us of the PlayDapp hack that occurred recently. This hack resulted in a loss of over $290 million in PLA tokens. Additionally, researchers discovered links between the addresses involved in the Serenity Shield incident and addresses associated with the December 2023 OKX security breach. This interconnectedness raises concerns about potential networks of malicious actors targeting vulnerabilities in different projects across the crypto ecosystem.
In response to these incidents, experts urge users to exercise caution and caution. It is necessary to avoid suspicious links and be suspicious of unexpected account activities. In other words, keeping crypto assets safe is a very important practice in the face of evolving threats. Shido and Serenity Shield events are critical. They serve as unfortunate examples of the potential consequences of security breaches in the crypto world. It also emphasizes improvement and community support to create a safer and more secure environment.
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