Serenity Shield, a platform claiming to offer a “crypto inheritance” solution, saw its token value plummet by nearly 99% after approximately 6.9 million SERSH tokens, valued at $5.6 million, were stolen from one of the team’s MetaMask wallets.
Confirming the breach in a post on February 27, Serenity Shield announced the suspension of all trading activities, as well as deposits and withdrawals of SERSH on centralized exchanges. The project stated its intention to reintroduce SERSH with a new token contract but did not provide a specific timeline for this relaunch.
They wrote in a post, “This decision aligns with our commitment to responsibly safeguard the interests of our community and minimize exposure to the security incident.”
At 9:11 am UTC on February 27, there was an exploit where 6.9 million SERSH tokens, valued at $0.82 each, were moved from one of the project’s MetaMask wallets to a wallet belonging to an unidentified third party.
However, within five minutes, it experienced a sudden and significant drop of 99% from $0.565 to $0.009, as reported by CoinGecko. The SERSH token was launched less than ten weeks ago, on Dec. 18.
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