Serenity Shield Hit by Exploit, SERSH Plummets 99%

This week, the cryptocurrency landscape witnessed a dramatic plunge as the SERSH token, associated with the “crypto inheritance” solution Serenity Shield, plummeted nearly 99% following a massive exploit.

According to reports, around 6.9 million SERSH tokens, valued at $5.6 million at the time, were stolen from a project team’s MetaMask wallet on Feb 27th. Serenity Shield confirmed the exploit and swiftly suspended all trading, deposits, and withdrawals of SERSH on centralized exchanges.

The project acknowledged the incident in an official post, stating their commitment to safeguarding their community’s interests. They announced plans to relaunch SERSH with a new token contract, aiming to minimize the impact of the exploit. The specific timeline for this relaunch remains undisclosed.

Furthermore, Serenity Shield emphasized their efforts to redeploy all liquidity to the new smart contracts while replacing any liquidity affected by the exploit.

The exploit occurred at 9:11 AM UTC on Feb 27th, with the stolen SERSH tokens, valued at $0.82 each at the time, transferred to an unidentified third-party wallet. This event triggered a downward spiral for the token’s price, which initially trended downwards for several hours before experiencing a sudden 98% drop from $0.565 to $0.009 within just five minutes, according to CoinGecko data.

The incident sparked significant community discontent, with users expressing concerns on platforms like Telegram. Some users, like “Hamster Altcoins,” criticized the project’s handling of the situation, particularly their decision to store funds in a MetaMask hot wallet over more secure offline cold storage solutions.

The incident highlights the crucial importance of robust security measures within the crypto industry, particularly regarding the storage and handling of digital assets. It remains to be seen how Serenity Shield will navigate this challenging situation and regain the trust of its community.