Serenity Shield Takes Steps to Safeguard Users and Restore Confidence After Hack
In the wake of a major hack in their BEP-20 token contract, Serenity Shield has halted all trading in their $SERSH token, including on DEXes like PancakeSwap. However, the team is taking steps to help $SERSH holders and restore confidence in the project. Here’s what they are doing:
Who Is Responsible?
An investigation by firms such as MetaSleuth has revealed that the same wallet and individuals behind the ConcentricFi hack and the OKX DEX hack are responsible for the Serenity Shield hack. This means that it was a coordinated effort from an external party, rather than an inside job or a rug pull.
Project Unaffected
Since the hack targeted the BEP-20 token contract, the project itself and StrongBox users were not affected. StrongBox is known for its security features, such as splitting private keys into three separate keys, ensuring that even if one key is compromised, user accounts remain secure. This trustless system is one of the reasons why StrongBox is highly regarded.
New Token Launch
Serenity Shield has a plan to safeguard users and restore confidence through a new token launch using a newer and safer smart contract. Here are some details about this upcoming launch:
- The new token will remain on BEP-20 with a new token contract.
- The contract has been audited by Hacken and received a perfect score. Hacken is a highly respected security auditor in the industry.
- The snapshot for the token reissue via airdrop was taken on February 27, 2024, at 2:26 PM UTC or 9:26 AM Eastern time.
If you hold $SERSH tokens, your holdings as of the snapshot time will determine the amount of the new token you receive through the airdrop. The team at Serenity Shield will provide further details about the relaunch when they become available.
You can find the full relaunch roadmap from Serenity Shield here.
Price Impact
Currently, the $SERSH token is not trading on any exchanges due to the halt in trading. However, prior to the hack, it was trading at 67 cents. When trading resumes, there is a possibility of getting a significant discount compared to the previous price. As always, it’s important to stay safe and do your own research before making any investment decisions.
Hot Take: Restoring Trust and Moving Forward
Serenity Shield has taken swift action following the hack to safeguard users and restore confidence in the project. By identifying the responsible party and implementing a new token launch with enhanced security measures, they are demonstrating their commitment to protecting their community. Here are some key takeaways:
- The hack was perpetrated by the same group behind previous high-profile hacks, indicating that this was not an inside job.
- The project itself and StrongBox users were not affected by the hack due to StrongBox’s robust security features.
- A new token launch using a safer smart contract is underway, with the audit receiving a perfect score from Hacken.
- Holdings of $SERSH tokens as of the snapshot time will determine the amount of the new token received through the airdrop.
- Trading on exchanges is currently halted, presenting a potential buying opportunity for those interested in the project.
Overall, Serenity Shield’s proactive response to the hack and their dedication to protecting their community should instill confidence in $SERSH holders. As always, it’s important to stay informed and conduct thorough research before making any investment decisions.
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