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

The native token of the Serenity Shield project (SERSH) collapsed by 95% after the 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 CoinMarketCap, 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.

Source: CoinMarketCapDue 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 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.”

Serenity Shield team

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 According to ZachXBT, $56.5 million in crypto assets was withdrawn from the platform’s hot wallets, mainly in Tellor (TRB) tokens.