The developers intend to relaunch the asset with a new smart contract

Serenity Shield platform token collapses by 99% after the team’s wallet was hacked

28.02.2024 - 10:40

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3 min

What’s new? The exchange rate of the native token of the Serenity Shield (SERSH) blockchain data storage platform collapsed by 99% after one of the hot software wallets of the project’s team was hacked. Thus, on February 27, 6,9 million SERSH tokens were transferred from the MetaMask wallet to an unknown third-party address at a price of $0,82 for a total value of $5,66 million.

Source: Twitter.com

What else is known? As a precautionary measure, the developers have suspended all transactions, deposits, and withdrawals from the centralized exchanges (CEXs) Gate and MEXC, and have also called for the suspension of transactions on the decentralized exchange (DEX) PancakeSwap.

The team said it intends to relaunch the SERSH token with a new 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 said.

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The team plans to reallocate all liquidity into new contracts during the asset restart, as well as replace liquidity deleted as a result of the hot wallet compromise.

The developers have guaranteed that users who held SERSH before the incident will be provided with updated coins at a 1:1 ratio. Participants of DEX transactions conducted after the network status snapshot will not be entitled to replacement tokens. In turn, replacement conditions for CEX users will be determined after negotiations with the teams of these platforms.

After the hack, the SERSH exchange rate fell from $0,82 to $0,008. At the time of writing, it has partially recovered to $0,1237.

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Earlier, 3248 ETH worth $9,7 million was stolen from the wallets of Sky Mavis co-founder Jeffrey Zirlin. PeckShield reported that the funds were withdrawn from the Ronin bridge and moved to the Tornado Cash mixer. Zirlin clarified that the attack was limited to personal accounts and did not affect validators or transactions in Ronin and Sky Mavis.

Last month, 213 million XRP tokens worth $112,5 million were withdrawn from the personal wallets of Ripple top executive Chris Larsen.

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