The value of Serenity Shield’s token, known as SERSH, plummeted by almost 99% after approximately 6.9 million tokens, worth $5.6 million at the time, were stolen from one of the team’s MetaMask wallets. Serenity Shield acknowledged the security breach on February 27th and announced the suspension of all trading activities involving SERSH on centralized exchanges. The project plans to relaunch with a new token contract, although no specific timeline has been disclosed. The team stated that this decision was made to protect the interests of their community and minimize the impact of the incident. Serenity Shield also assured its community that it is actively working to redeploy the liquidity to new smart contracts and will replace any liquidity lost in the exploit. The theft occurred on February 27th at 9:11 am UTC when 6.9 million SERSH tokens, valued at $0.82 each, were transferred to an unidentified third-party wallet from one of the project’s MetaMask wallets. Following the incident, the price of SERSH experienced a downward trend for approximately five hours before suddenly dropping by 98% from $0.565 to $0.009 within a five-minute timeframe, according to CoinGecko. The token’s price partially recovered and was valued at $0.23 at the time of publication. The news of the theft was met with criticism from several users, including “Hamster Altcoins,” who accused the administrators of Serenity Shield’s Telegram channel of muting those who raised concerns. The use of a MetaMask hot wallet for storing funds was also criticized, as hot wallets are considered less secure than cold wallets, which store private keys offline. The SERSH token was launched less than ten weeks ago, on December 18th.
MetaMask wallet breach leads to a staggering 99% drop in Serenity Shield's token value.