PANews reported on February 28 that according to Cointelegraph, the SERSH token of blockchain data storage protocol Serenity Shield has nearly plummeted by 99% because about 6.9 million SERSH tokens worth $5.6 million were stolen from a MetaMask wallet of the team. Serenity Shield confirmed the vulnerability in the X post and notified its community that it would suspend all transactions, deposits and withdrawals of SERSH on centralized exchanges. The project stated that SERSH will be restarted with a new token contract, but did not disclose a timetable. Serenity Shield also stated that it is "actively working" to redeploy all liquidity to the new smart contract and will replace any liquidity from the vulnerability.
The vulnerability occurred at 17:00 Beijing time on February 27, and 6.9 million SERSH were transferred from a MetaMask wallet of the project to an unidentified third-party wallet. CoinGecko data showed that the price of SERSH was on a downward trend for about 5 hours, and then suddenly fell 98% from $0.565 to $0.009 in 5 minutes. As of now, SERSH has rebounded to $0.2036, a 24-hour drop of 75.1%.
