Oh Shido! $SHIDO Drops 94% After Hacker Steals Half of Circulating Supply; $GFOX Set to Revolutionize P2E GameFi
The Shido blockchain recently suffered a major setback when a hacker broke into its Ethereum staking contract, making off with a large portion of Shido tokens. This incident has caused a lot of worry and doubt among investors, leading many to look for safer places to put their money.
In this climate of uncertainty, Galaxy Fox ($GFOX) stands out as a promising alternative, bringing a new twist to the P2E gaming scene and listing among the best altcoins to buy now.
More About the Shido Hack
The Shido blockchain took a massive hit when its token value nosedived by up to 94% in just 30 minutes, all because of a hack in its Ethereum staking contract. The folks over at PeckShield, a company that keeps an eye on blockchain security, were the first to spot and report this dramatic drop on February 29.
They later explained that a hacker managed to change the direction of the Ethereum staking contract to a new address. The hacker didn’t stop there; they sneaked in a hidden function into the contract that let them empty out the staked tokens.
PeckShield shared that the hacker walked away with over 4.3 billion Shido tokens—almost half of its nearly 9 billion token circulation. Before this mess, those tokens were worth around $35 million.
ZachXBT, a detective of the digital currency world, noted in a post that the hacker’s address got its funds through a bit of a roundabout way, first coming from the Layerswap protocol and then moving through the Arbitrum blockchain.
Shido is built on a layer-1 proof-of-stake blockchain and is still gearing up to get its mainnet off the ground. These recent troubles have thrown a bit of a wrench in the works, making people wonder if they should be looking at other cryptocurrencies that seem a bit more secure and have a clearer path to growth.
What Makes Galaxy Fox One of The Best Altcoins to Buy Now?
In a sea of over 250 meme coin projects, making your mark is no small feat. Yet, Galaxy Fox seems to breeze through this challenge with its solid new ERC20 coin. $GFOX sets itself apart with features like a staking platform, a unique approach to presales, and a play-to-earn game that really shakes things up in the meme coin world.
What really draws attention to this new ICO crypto is its gaming aspect. It’s a Web3 game where players compete to climb to the top of the leaderboard. The best players split a 50% prize pool, which not only brings in some real cash but also keeps players hooked on the game for the long haul.
On top of that, Galaxy Fox has rolled out the Stargate staking pool. Here, 2% of every $GFOX transaction is earmarked as a reward for those staking their tokens. How much you get depends on the amount and duration of your stake, encouraging a deep dive into the project and long-term commitment.
The Galaxy Fox presale kicked off with a bang, showing just how much faith investors have in this venture. The first phase alone was a smash hit, pulling in over $3.8 million. Those who got in early have already seen returns of 450% on their investment.
And with two more price increases planned, not to mention all the generous giveaways and bonuses during the presale, there’s still a golden chance to boost your financial game with $GFOX.
Bottom Line
The fallout from the $SHIDO hack drives home the point that strong security and firm support from the market are vital for cryptocurrencies, especially the ones that see big price swings. It’s put a spotlight on how much investors are getting interested in tokens like $GFOX.
What makes $GFOX catch the eye are its fun play-to-earn elements, its smooth and secure DeFi setup, and how it weaves NFTs into the mix, all together positioning it as a formidable contender among the best altcoins to buy now.
Learn more about $GFOX here:
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