Major breach at Project Serenity Shield leads to loss of value

In a shocking development, Serenity Shield, a project that bills itself as a “crypto legacy” solution, has suffered a serious security breach. Nearly 99% of the value of their token, SERSH, evaporated after approximately 6.9 million SERSH tokens, valued at $5.6 million at the time, were stolen from a MetaMask wallet owned by the team.

Serenity Shield announces the incident itself

The incident happened on February 27 announced by Serenity Shield itself. The project took immediate action by suspending all transactions, deposits and withdrawals of SERSH on centralized exchanges in an effort to limit the damage.

The exploitation of the security breach occurred at 9:11 a.m. UTC on the same day, transferring the stolen tokens to an unidentified external wallet. As a result, the SERSH token price collapsed within five hours, before falling 98% from $0.565 to $0.009 within five minutes, according to data from CoinGecko.

Serenity Shield has announced that it plans to relaunch with a new token contract, although no timeline has been released yet. The team intends to move all liquidity to new smart contracts and promises to replace the liquidity lost due to the exploit.

Unrest in the community

This event has caused unrest within the community, especially among users of the platform expressed criticized the project for using a MetaMask hot wallet, which is considered a less secure storage option compared to cold wallets, which store private keys offline.

Launched on December 18, just weeks before the incident, Serenity Shield emphasizes its commitment to protecting the interests of its community and minimizing the impact of the security incident. However, the attack and subsequent loss of value of the SERSH token have raised questions about the project’s security practices and the security of crypto assets more broadly.