Serenity

Serenity Shield

ZachXBT

Shield

The native token of the Serenity Shield project (SERSH) collapsed by 95% after the MetaMask wallet breach. 
On Feb. 27, the Serenity Shield team <a href="https://twitter.com/SerenityShield_/status/1762486674729132388" target="_blank" rel="noreferrer noopener">confirmed</a> 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. 
According to data from <a href="https://crypto.news/tag/CoinMarketCap/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a>, SERSH has plunged 95% in the last 24 hours to $0.03957 after the breach. Before reports of the hack, the coin was trading at $0.7149. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="586" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-28-at-12.06.11-1024x586.png" alt="Serenity Shield token collapses by 95% after $5.6m breach - 24" class="wp-image-14253241">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
</figure> 
Due to the hack, the project was forced to suspend all transactions, deposits, and withdrawals of SERSH funds on centralized exchanges. 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 <a href="https://twitter.com/SerenityShield_/status/1762560942821261325" target="_blank" rel="noreferrer noopener">announcement</a>. 
<blockquote class="wp-block-quote"> 
 “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.” <cite>Serenity Shield team</cite>
</blockquote> 
After reports of <a href="https://crypto.news/tag/hack/" target="_blank" rel="noreferrer noopener">hacking</a>, 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. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A coin that was created to provide security was ''compromised''. And if you talk about it on their Telegram will you be muted. Not a rug-pull but a fragile coin that can't even protect itself, how can them provide security to anyone?— Hamster Altcoins (@HamsterAltcoins) <a href="https://twitter.com/HamsterAltcoins/status/1762487929241297008?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 27, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Another user <a href="https://twitter.com/NicoBtcEth/status/1762527557948182632" target="_blank" rel="noreferrer noopener">wondered</a> how hackers managed to steal 7 million tokens if only 2 million SERSH were in circulation. 
A day earlier, a crypto expert ZachXBT <a href="https://crypto.news/crypto-exchange-bitforex-left-customers-without-55-6m-in-alleged-exit-scam/" target="_blank" rel="noreferrer noopener">pointed out</a> a possible hack of the BitForex <a href="https://crypto.news/tag/exchange/" target="_blank" rel="noreferrer noopener">exchange</a>. According to ZachXBT, $56.5 million in crypto assets was withdrawn from the platform’s hot wallets, mainly in Tellor (<a href="https://crypto.news/price/tellor-tributes/" target="_blank" rel="noreferrer noopener">TRB</a>) tokens. 
 Read more: <a href="https://crypto.news/certik-and-zachxbt-impersonators-stole-over-300k-in-crypto/"> CertiK and ZachXBT impersonators stole over $300k in crypto </a>

Serenity Shield token collapses by 95% after $5.6m breach

crypto.news

Other articles published on Feb 28, 2024

As Bitcoin Exceeded $59,000, All Eyes Turned to 2021 ATH! Will the BTC Rally Continue?

JasmyCoin Poised for Next Breakout: Analyst Urges JASMY Holders to Understand This Key Aspect of ...

Terra Classic Finds Utility, Will LUNC, USTC Price Rally $1 Amid These Key Developments?

Kraken Unleashes Institutional Service To Outcompete Coinbase

Heroes of Mavia and Coinbase’s Base Partner Fostering Secure Gaming Environment

Pushd (PUSHD) market place joins Uniswap (UNI) & Solana (SOL) in record breaking presale for majo...

Join our free newsletter for daily crypto updates!