Serenity Shield (SERSH) collapsed by 98% after Wallet hacking
On February 27, the wallet of one of the developers of the Serenity Shield data storage solution was hacked for 6.9 million SERSH tokens
Attackers attacked a MetaMask wallet belonging to a member of the Serenity Shield team. As a result of the incident, hackers pulled out tokens worth $5.6 million. Against the background of the news, the SERSH exchange rate collapsed by 98% in just five minutes.
The developers of Serenity Shield confirmed the fact of hacking on their official Facebook page (ex. "Twitter"). They announced that they are suspending all transactions with the native token of the SERSH project on all centralized exchanges (CEX).
The team said it would restart the coin using a reliable smart contract. The current holders will receive new assets in a 1:1 ratio. The exact timing of this entire process is not disclosed.
At the moment, Serenity Shield is actively working on the redistribution of liquidity into new smart contracts.
In just five minutes, the price of SERSH collapsed by 98% — from $0.565 to $0.009. According to CoinGecko, by the time of writing, the exchange rate had partially recovered to $0.01433.
Users criticized Serenity Shield for the fact that a team member kept almost $7 million in a hot wallet.
Serenity Shield is a decentralized blockchain—based digital data storage solution. The SERSH token was launched at the end of last year, on December 18.
