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anchored·3iSJ5q…ziboSummary
Shido Network (SHIDO) is a Layer-1 proof-of-stake blockchain project founded in Sweden in 2021. On February 29, 2024, an attacker exploited the Ethereum-based SHIDO staking contract by transferring ownership to a new address and upgrading it with a hidden token-withdrawal function, draining over 4.3 billion tokens and causing the price to collapse 94% within 30 minutes. On-chain investigator ZachXBT linked the exploit to a serial hacker responsible for the OKX (December 2023) and Concentric Finance (January 2024) hacks, with the attack vector in each case being private key compromise via social engineering.
Connected Entities
6 entities · 60 linked investigations- Across Protocol→mentioned with→Arbitrum(60%)
- Across Protocol→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Ethereum(70%)
- Concentric→mentioned with→ZachXBT(70%)
- Concentric→mentioned with→Arbitrum(75%)
- Shido→mentioned with→Concentric(80%)
- Shido→mentioned with→Arbitrum(75%)
- Shido→mentioned with→ZachXBT(70%)
- Shido→mentioned with→Ethereum(65%)
- Shido→mentioned with→Across Protocol(80%)
- + 1 more
Timeline(7 events)
2021
Shido Network founded in Bromma, Sweden by Bjorn Bonnevier and Edin Maloku.
December 2023
OKX exploit (~$2.7M) occurs; ZachXBT would later allege on-chain links to the Shido attacker.
22 January 2024
Concentric Finance hacked for approximately $1.8M via social engineering / malware attack on a team member with deployer wallet access.
24 February 2024
Shido announces mainnet launch scheduled for the following week.
29 February 2024
Shido Ethereum staking contract exploited: ownership transferred, hidden withdrawToken() function introduced, 4.35 billion SHIDO tokens (~$3.3M realized) drained. Token price collapses 94% within 30 minutes. PeckShield publicly discloses the breach.
29 February 2024
ZachXBT traces exploiter funding through Across protocol (Arbitrum) and Layerswap; identifies alleged link to OKX and Concentric Finance hacks via shared attacker infrastructure.
29 February 2024
Shido team replaces compromised deployer address, suspends DEX liquidity provisioning, contacts CEXs to freeze associated tokens, and promises to refund all stakers.
Decision Log
- hash: 3zmn7kAgvZqascsyW8Tz6T34fJJrHYdvzXVD6HZagyxd
This investigation is cryptographically anchored to the Solana blockchain (1 event). 10 of 12 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:34 AM
last updated: 9/1/2026, 3:53:19 AM
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