SERSH, the native token of Serenity Shield, a crypto inheritance solution, plummeted by approximately 99% after the project suffered a security breach that removed liquidity.
Serenity Shield Suffers $5.7M Hack
In a tweet, citing ZachXBT investigation, PeckShield revealed that one of Serenity’s Metamask wallets holding liquidity for the SERSH token was compromised, resulting in the transfer of 6.9 million SERSH, valued at around $5.7 million at the time of transaction, to a third-party wallet.
#PeckShieldAlert ZachXBT detected that one of @SerenityShield_'s Metamask Wallets holding liquidity for the $SERSH token was compromised, resulting in the transfer of 6.9 million $SERSH (worth approximately $5.7 million at the time of transfer) to an unknown third-party wallet.… pic.twitter.com/G1AUGa5yZN
— PeckShieldAlert (@PeckShieldAlert) February 28, 2024
On-chain data shows that the stolen tokens have been swapped for approximately 587,000 BSC-USD and are now sitting at an address labeled “Serenity Shield Hacker 2.”
Serenity Confirms Hack
Serenity later confirmed that hack on X (Twitter), informing users that it was taking crucial steps and making changes to address the issue.
🚨 Security Alert & Serenity Shield's Response 🚨
Today, a MetaMask wallet related to our project was compromised. Consequently, we're taking immediate steps to address this and support our community:
✋ Stop Trading on PancakeSwap: As previously communicated, please halt all…
— Serenity Shield (@SerenityShield_) February 27, 2024
Serenity noted that as a precautionary measure, trades, deposits, and withdrawals of SERSH has been suspended on centralized exchanges (CEX).
The platform also stated that SERSH would relaunch with a new token contract and that it will ensure replacement of any liquidity from the hack.
However, Serenity did not specify a date for this planned relaunch.
“This decision aligns with our commitment to responsibly safeguard the interests of our community and minimize exposure to the security incident,” Serenity said.
Crypto Community Reacts
The latest hack has sparked a wave of reaction from members of the crypto community with many blaming the incident on the carelessness of Serenity.
Someone on X criticized Serenity for storing users’ assets in a MetaMask hot wallet.
Hot wallets, which allow easy access and quick transactions, are generally considered less secure than cold wallets due to their inherent connection to the internet.
At the time writing, SERSH was trading at $0.149, representing an 82% decline in the past 24 hours. SERSH was priced at $0.82 at the time of the hack.
