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Serenity Shield Token Hacked! $5.6M SERSH Stolen 😱

Serenity Shield Token Hacked! $5.6M SERSH Stolen 😱

Serenity Shield Token Falls Victim to Hack: $5.6 Million Worth of SERSH Stolen

Serenity Shield, a multi-chain data storage startup, experienced a security breach that resulted in the theft of its MetaMask wallet. The company immediately took action to address the issue and support its community.

An investigation by blockchain investigator ZachXBT revealed that the hack occurred on one of Serenity’s wallets on the Binance Smart Chain (BSC). The perpetrators stole approximately 6.9 million SERSH tokens, valued at $5.6 million at the time of the hack.

Interestingly, the wallet involved in the hack is connected to recent hacks on OKX DEX and Concentric. Serenity Shield has advised users to halt all SERSH trading on PancakeSwap, and trading on CEXs like and MEXC has also been suspended.

Criticism of Serenity Shield’s Security Measures

Following the hack, some users criticized Serenity Shield for storing tokens in a MetaMask hot wallet. They argued that if the safety of token holders was a priority, a more secure storage solution should have been used. This incident has caused irreparable damage to the reputation of the coin.

One user questioned how a coin that cannot protect itself can provide security to others. This raises concerns about the overall security of the compromised coin.

SERSH Price Plummets by 99%, Plans for Relaunch

The security breach had a significant impact on the price of SERSH token, causing it to plummet by almost 99% from $0.565 to $0.009. However, it has slightly recovered and is currently trading at $0.151.

Source: CoinGecko

In response to the near-zero slump, Serenity Shield plans to launch a new SERSH token through a robust smart contract. The team is actively addressing the situation and will provide further details as soon as they are available. They are implementing necessary safety measures to ensure a foolproof system.

For those affected by the hack, Serenity Shield has promised a token replacement on a 1:1 basis. The project is also working with centralized exchanges (CEXs) to determine the replacement process.

Hot Take: Lessons Learned from Serenity Shield’s Security Breach

The security breach experienced by Serenity Shield serves as a reminder of the importance of robust security measures in the crypto industry. As a crypto enthusiast, you should take note of the following key points:

  • Choose secure storage solutions: When investing in cryptocurrencies, it is crucial to choose secure storage solutions such as hardware wallets or cold storage options. Avoid storing large amounts of tokens in hot wallets.
  • Research projects before investing: Before investing in any crypto project, conduct thorough research about its security measures, team members, and past incidents. This will help you make informed decisions and mitigate risks.
  • Stay updated on security best practices: The crypto industry is constantly evolving, and new security threats emerge regularly. Stay updated on the latest security best practices and follow reputable sources for information.
  • Be cautious of suspicious activities: If you notice any suspicious activities or vulnerabilities in a crypto project, report them immediately to the project team or relevant authorities. Your vigilance can help prevent potential security breaches.

By following these guidelines, you can enhance your security posture and protect your crypto investments. Remember, security is paramount in the crypto world, and staying informed is key to safeguarding your assets.

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Serenity Shield Token Hacked! $5.6M SERSH Stolen 😱