Serenity Shield token collapses by 95% after $5.6m breach

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The native token of the Serenity Defend challenge (SERSH) collapsed by 95% after the MetaMask pockets breach.

On Feb. 27, the Serenity Defend workforce confirmed that 6.9 million SERSH tokens value $5.6 million (on the time of the incident) had been stolen from one of many MetaMask workforce’s wallets.

In line with knowledge from CoinMarketCap, SERSH has plunged 95% within the final 24 hours to $0.03957 after the breach. Earlier than reviews of the hack, the coin was buying and selling at $0.7149.

Serenity Shield token collapses by 95% after $5.6m breach - 1
Supply: CoinMarketCap

Because of the hack, the challenge was pressured to droop all transactions, deposits, and withdrawals of SERSH funds on centralized exchanges. In consequence, buying and selling volumes of the token remained virtually unchanged, falling just one.7% during the last 24 hours to $4.9 million.

The Serenity Defend workforce introduced they might relaunch with a brand new token contract with out disclosing a timeframe. Holders of SERSH earlier than the incident will obtain new tokens on a 1:1 foundation, based on an announcement.

“After considerate consideration and discussions with our advisors and companions, now we have determined to relaunch the SERSH token with a brand new token good contract. This resolution aligns with our dedication to responsibly safeguard the pursuits of our neighborhood and reduce publicity to the safety incident.”

Serenity Defend workforce

After reviews of hacking, customers criticized the safety stage of Serenity Defend. As well as, one of many neighborhood members famous that if we discuss in regards to the incident within the challenge chat, the person will likely be muted.

One other person wondered how hackers managed to steal 7 million tokens if solely 2 million SERSH had been in circulation.

A day earlier, a crypto professional ZachXBT pointed out a attainable hack of the BitForex exchange. In line with ZachXBT, $56.5 million in crypto belongings was withdrawn from the platform’s scorching wallets, primarily in Tellor (TRB) tokens.

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