The Serenity Shield Token (SERSH) Collapses by 95% After MetaMask Wallet Breach
The native token of the Serenity Shield project, known as SERSH, has experienced a devastating blow after a breach in the MetaMask wallet. This incident resulted in the theft of 6.9 million SERSH tokens, valued at $5.6 million at the time.
As a consequence of this security breach, SERSH has plummeted by 95% within the last 24 hours, dropping from $0.7149 to $0.03957.
Following the hack, all transactions, deposits, and withdrawals involving SERSH funds on centralized exchanges have been temporarily suspended by the project. Despite this setback, trading volumes for the token have only seen a minimal decline of 1.7%, amounting to $4.9 million.
Serenity Shield Announces Relaunch with New Token Contract
To address the security breach and restore confidence among its community, the Serenity Shield team has decided to relaunch the SERSH token with a new token smart contract. This decision aims to prioritize community interests and reduce exposure to future security incidents.
“After thoughtful consideration and discussions with our advisors and partners, we have decided to relaunch the SERSH token with a new token smart contract. This decision aligns with our commitment to responsibly safeguard the interests of our community and minimize exposure to the security incident.” – Serenity Shield team
Under this relaunch plan, holders of SERSH tokens prior to the incident will receive new tokens in a 1:1 ratio.
Criticism and Questions Surrounding Serenity Shield’s Security Measures
The recent hacking incident has led to widespread criticism regarding the security measures implemented by Serenity Shield. Users have expressed concerns about the level of security within the project, with one community member even noting that discussing the incident in the project chat results in being muted.
Furthermore, questions have been raised about how hackers managed to steal 7 million tokens when only 2 million SERSH were in circulation.
It is worth mentioning that a day before the MetaMask wallet breach, crypto expert ZachXBT had pointed out a potential hack on the BitForex exchange. The expert claimed that approximately $56.5 million worth of crypto assets, mainly consisting of Tellor (TRB) tokens, had been withdrawn from the platform’s hot wallets.
🔥 Hot Take: Rebuilding Trust and Moving Forward
Recovering from a security breach is a challenging task for any cryptocurrency project. However, Serenity Shield’s decision to relaunch their token with enhanced security measures demonstrates their commitment to rebuilding trust within their community and safeguarding their interests.
If you are a holder of SERSH tokens prior to the incident, this relaunch provides an opportunity for a fresh start. The issuance of new tokens in a 1:1 ratio ensures that your previous holdings will be maintained.
While the recent breach has raised concerns about Serenity Shield’s security practices, it also highlights the importance of maintaining vigilance and implementing robust security measures within the crypto industry as a whole.
By addressing these vulnerabilities and learning from past incidents, projects like Serenity Shield can strengthen their defenses and establish themselves as trusted players in the crypto space.
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