The team at Serenity Shield reassured investors that they are working hard to fix the situation. They’re in the process of moving all the money to new accounts and will replenish any funds lost due to the hack.
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Serenity Shield, known for its crypto inheritance services, suffered a massive blow when about 6.9 million SERSH tokens, valued at $5.6 million, were stolen from one of the team’s MetaMask wallets. This incident led to the token’s value plummeting by almost 99%.
Serenity Shield Responds to Security Breach
Serenity Shield, in a post dated February 27th, confirmed the occurrence of an exploit and took immediate action to address it. As part of their response, they announced the suspension of all trading activities, including deposits and withdrawals of SERSH tokens on centralized exchanges.
The project further declared its intention to relaunch SERSH with a new token contract, although no specific timeline was provided. Serenity Shield emphasized that this decision reflects their dedication to protecting their community’s interests and minimizing the impact of the security incident.
Additionally, the team assured their community that they are actively engaged in redeploying all liquidity to the new smart contracts and pledged to replace any liquidity lost due to the exploit.
Exploit Details and Price Reaction
On February 27th, at 9:11 am UTC, an exploit occurred within the Serenity Shield project, resulting in the transfer of 6.9 million SERSH tokens, valued at $0.82 each, from one of the project’s MetaMask wallets to an unidentified third-party wallet.
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Following the exploit, SERSH’s price experienced a downward trend for approximately five hours. However, within a brief five-minute period, the token’s value plummeted by 98%, dropping from $0.565 to $0.009, as reported by CoinGecko.
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Despite the significant decline, SERSH saw a partial recovery to $0.23 at the time of publication.
Community Reaction and Criticism
The news of the exploit within Serenity Shield was met with discontent from various users on X, including “Hamster Altcoins,” who voiced dissatisfaction with the handling of the situation. They alleged that administrators of Serenity Shield’s Telegram channel were muting individuals who raised concerns.
Criticism was also directed towards the project for storing funds in a MetaMask hot wallet. Hot wallets, like MetaMask, are connected to the internet, allowing for quick access to decentralized finance protocols. However, they are considered less secure compared to cold wallets, physical devices that store private keys offline.
It’s worth noting that the SERSH token was launched less than ten weeks ago, on December 18th, which may have contributed to concerns about the security measures in place.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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