Serenity Shield Token (SERSH) Collapsed By 95% After $5.6m Breach

• The native token of the Serenity Shield project (SERSH) collapsed by 95% following the $5.6 million MetaMask wallet breach.

On Feb. 27, the Serenity Shield team confirmed that 6.9 million SERSH tokens worth $5.6 million (at the time of the incident) were stolen from one of the MetaMask team’s wallets.

Important Update for the Serenity Shield Community

Dear Serenity Shield Community,

In response to recent events surrounding the SERSH token and speculations regarding its price action, we want to provide clarity on the ongoing situation.

Earlier today, one of our Metamask…

— Serenity Shield (@SerenityShield_) February 27, 2024

According to data from Coinstats, SERSH has plunged 95% in the last 24 hours to $0.05096 after the breach. Before reports of the hack, the coin was trading at $0.7149.

Due to the hack, the project was forced to suspend all transactions, deposits, and withdrawals of SERSH funds on centralized exchanges. 

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As a result, trading volumes of the token remained almost unchanged, falling only 1.7% over the last 24 hours to $4.9 million.

The Serenity Shield team announced they would relaunch with a new token contract without disclosing a time frame. 

Holders of SERSH before the incident will receive new tokens on a 1:1 basis, according to an announcement.

“After thoughtful consideration and discussions with our advisors and partners, we have decided to relaunch the SERSH token with a new token smart contract. This decision aligns with our commitment to responsibly safeguard the interests of our community and minimize exposure to the security incident.”

Security Alert & 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

After reports of hacking, users criticized the security level of Serenity Shield. In addition, one of the community members noted that if we talk about the incident in the project chat, the user will be muted.

Another user wondered how hackers managed to steal 7 million tokens if only 2 million SERSH were in circulation.

A day earlier, a crypto expert ZachXBT pointed out a possible hack of the BitForex exchange. According to ZachXBT, $56.5 million in crypto assets was withdrawn from the platform’s hot wallets, mainly in Tellor (TRB) tokens.

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