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

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.

SERSH Price Chart Source: Coinstats

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

See Also: Former Blockchain Global Director Under Travel Ban After ACX Exchange Collapsed

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.”

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 According to ZachXBT, $56.5 million in crypto assets was withdrawn from the platform’s hot wallets, mainly in Tellor (TRB) tokens.

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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