Serenity

Metamask

Serenity Shield

PlayDapp

Yesterday, the crypto community saw an attack on one of Serenity Shield’s Metamask wallets, resulting in the theft of over 7 million SERSH tokens. As a result, the token’s price significantly dropped, and the holders showed concern about the platform’s future. 
<h2 style="font-weight: 400;" id="5-6m-in-crypto-stolen-from-hot-wallet">$5.6M In Crypto Stolen From Hot Wallet</h2> 
Serenity Shield, a data storage solution platform, fell victim to a hack that compromised one of its Metamask wallets holding liquidity for the SERSH token. 
The security-focused platform <a href="https://twitter.com/SerenityShield_/status/1762486674729132388" target="_blank" rel="noopener nofollow">announced</a> on X (former Twitter) that around 7 million SERSH tokens had been sent to a third-party wallet. The tokens were worth around $5.6 million during the exploit. 
<img loading="lazy" decoding="async" class="alignnone size-large wp-image-284240" src="https://bitcoinist.com/wp-content/uploads/2024/02/Captura-de-Pantalla-2024-02-28-a-las-11.55.23-a.-m.png?w=922&amp;resize=922%2C230" alt="" width="922" height="230" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Captura-de-Pantalla-2024-02-28-a-las-11.55.23-a.-m.png?w=922&amp;resize=922%2C230 922w, https://bitcoinist.com/wp-content/uploads/2024/02/Captura-de-Pantalla-2024-02-28-a-las-11.55.23-a.-m.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Captura-de-Pantalla-2024-02-28-a-las-11.55.23-a.-m.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Captura-de-Pantalla-2024-02-28-a-las-11.55.23-a.-m.png?w=750 750w" sizes="(max-width: 922px) 100vw, 922px" data-recalc-dims="1"> 
This incident led to a massive drop in the token’s price, registering a reduction of over 90% in the hours following the heist. SERSH, trading around the $0.8 price range, quickly fell to $0.0073. 
By the end of the day, the price was able to recover above the $0.2 support level for a couple of hours before continuing <a href="https://bitcoinist.com/ripple-cto-xrp-price-amm-feature/" target="_blank" rel="noopener ">the fall</a> to the $0.016-$0.017 price range.&nbsp; According to CoinMarketCap data, this represents a price decline of over 70% in the last 24 hours. 
As the team announced, all SERSH trading in centralized exchanges (CEXs) was halted, and holders were asked to stop operating on the PancakeSwap exchange as a precautionary measure. 
<h2 style="font-weight: 400;" id="next-steps-for-sersh">Next Steps For SERSH</h2> 
Serenity Shield’s team revealed that the best action to protect the community would be relaunching the SERSH token “through a robust smart contract to safeguard our ecosystem.” 
The token replacement will follow a 1:1 basis for holders who purchased the token before the incident. However, the team addressed that transactions made after the snapshot timeframe wouldn’t be eligible for this replacement. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Security Alert &amp; Serenity Shield's Response <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Today, a MetaMask wallet related to our project was compromised. Consequently, we're taking immediate steps to address this and support our community: 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/270b.png" alt="✋" class="wp-smiley" style="height: 1em; max-height: 1em;"> Stop Trading on PancakeSwap: As previously communicated, please halt all… 
 — Serenity Shield (@SerenityShield_) <a href="https://twitter.com/SerenityShield_/status/1762560942821261325?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">February 27, 2024</a>
</blockquote> 
Additionally, the token substitution will only apply to purchases in decentralized exchanges (DEXs). As for CEXs, the announcement read as follows: 
<blockquote> 
 For transactions made on CEX, we will engage with the respective CEX platforms to determine the replacement process and will communicate updates accordingly. 
</blockquote> 
Recently, a similar incident <a href="https://bitcoinist.com/crypto-gaming-platform-playdapp-hit-double-exploit/" target="_blank" rel="noopener ">resulted</a> in the crypto gaming platform PlayDapp deciding to migrate from its PLA token to the new PDA token. PlayDapp suffered a security breach that swiped over $290 million in PLA tokens. Community Outrage and OKX Hack Link 
The Serenity Shield team responded amid the community speculation on whether a malicious, unauthorized third party or an inside job did the hack. 
On a telegram update, the team clarified that the project had not been hacked but that one of the hot wallets holding the SERSH tokens was compromised. The response denied that they were suffering from a rug pull. 
<img loading="lazy" decoding="async" class="size-large wp-image-284244 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=980&amp;resize=980%2C487" alt="" width="980" height="487" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=2348 2348w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=980&amp;resize=980%2C487 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=360 360w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/Serenity-Hack-Feb-2024.png?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Additionally, crypto investigator ZachXBT and Serenity Shield’s research unveiled that the addresses involved in the hack were related to the security breach that took place in December 2023 and involved the crypto exchange OKX. 
The picture above shows that the stolen funds were initially sent to a third-party wallet. This wallet sent the tokens to two other addresses, transferring them between them. One of these addresses (0x93a8…f554) seemingly received funds that proceeded from the original wallet involved in the OKX hack. 
This incident is one of multiple hacks the crypto community has suffered through 2024. Experts suggest that users keep their “eyes peeled and don’t trust any suspicious link or account activity” as scammers continue to target <a href="https://bitcoinist.com/microstrategy-x-account-hacked/" target="_blank" rel="noopener ">high-profile figures</a> and projects inside the crypto sphere. 
<img loading="lazy" decoding="async" class="size-large wp-image-284242 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-28_11-18-33.png?w=980&amp;resize=980%2C496" alt="BTC, BTCUSDT, Crypto" width="980" height="496" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-28_11-18-33.png?w=1023 1023w, https://bitcoinist.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-28_11-18-33.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-28_11-18-33.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-28_11-18-33.png?w=980&amp;resize=980%2C496 980w, https://bitcoinist.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-28_11-18-33.png?w=750 750w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1">

New Crypto Heist Alert: Hacker Drains $5.6M From Data Storage Platform Wallet

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