Serenity Shield's Crypto Token Plummets 99% Following $5.6 Million Security Breach
Summary:
Serenity Shield, a crypto inheritance solution provider, has suffered a severe security breach in which 6.9 million SERSH tokens (worth around $5.6 million at the time) were stolen from one of their MetaMask wallets. Following the theft, the value of their SERSH token plummeted by 99%. In response, the firm has halted all trade, deposit, and withdrawal activities involving the token on centralized exchanges, with plans to relaunch SERSH under a new token contract in the future. The SERSH price has slightly recovered to $0.23 since the incident.
Crypto inheritance service provider, Serenity Shield, experienced a dramatic 99% drop in the token value linked with their solution after approximately 6.9 million SERSH tokens (worth $5.6 million at the time) were stolen from one of their MetaMask wallets. The company confirmed the breach on February 27th via a post and announced that all trading, deposits, and withdrawals of SERSH on centralized exchanges were being temporarily halted. However, they revealed plans to reintroduce SERSH under a new token contract, without giving a proposed timeline.
In a letter penned for their community, Serenity Shield discussed their ongoing plan to address the situation and reassured users their assets would be safeguarded. They divulged that plans were in motion to redistribute all liquidity to the new smart contracts and pledged to replace any liquidity lost in the security breach.
The breach event occurred at 9:11 a.m. UTC on February 27th, when 6.9 million SERSH tokens, each valued at $0.82, were transferred out of one of Serenity Shied's wallets to an unknown third-party wallet. This triggered a downward spiral of SERSH's price for approximately 5 hours, climaxing in a staggering 98% drop from $0.565 to $0.009 within a span of five minutes. The price later recovered slightly to $0.23.
The announcement of this event triggered backlash from several users who questioned the company's decision to store funds in MetaMask hot wallets-known for their less-secure nature compared to offline cold wallets. The SERSH tokens, which were launched as recently as December 18, hit a record low in less than ten weeks from the date of the launch.
Published At
2/28/2024 4:05:25 AM
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