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Serenity Shield Project Falls Victim to Theft
The Serenity Shield project, a multi-chain data storage startup, recently experienced a theft that compromised its MetaMask wallet. This incident has impacted the project and its community, prompting immediate action from the company in response to the security breach.
Security Alert and Serenity Shield’s Response
On Tuesday, a MetaMask wallet related to the Serenity Shield project was compromised, leading the company to take swift action to address the situation and support its community. The company communicated this development on Twitter, urging the community to cease trading on PancakeSwap, a decentralized exchange.
Further investigations by pseudonymous blockchain investigator ZachXBT revealed that the hack occurred on one of Serenity’s wallets on the Binance Smart Chain (BSC), resulting in the theft of approximately 6.9 million native SERSH tokens valued at $5.6 million at the time of the hack. The investigation also indicated a connection to recent hacks on the OKX DEX and Concentric.
Subsequently, the blockchain platform advised users to halt all SERSH trading on PancakeSwap and announced the suspension of CEX trading on Gate.io and MEXC. The exploit occurred at 9:11 am UTC on February 27, involving the transfer of 6.9 million SERSH tokens valued at $0.82 to an unidentified third-party wallet, as noted by BSCScan data.
Community Responses and Token Price Plunge
Following the hack, members of the community voiced concerns on Twitter, criticizing the project for storing tokens on a MetaMask hot wallet and questioning the security of the compromised coin. This led to a significant price plunge for the SERSH token, dropping by nearly 99% from $0.565 to $0.009 based on CoinGecko data. However, the token has since experienced a slight recovery and is currently trading at $0.151.
Serenity Shield’s Recovery Plan
In response to the security breach, Serenity Shield is planning to launch a new SERSH token through a robust smart contract in an effort to address the situation. The project has also committed to providing a token replacement on a 1:1 basis for affected SERSH holders. Additionally, Serenity Shield is collaborating with centralized exchanges to determine the replacement process and deploy necessary safety measures to ensure a more secure system.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
