Serenity Shield, a platform that claims to provide a “cryptocurrency inheritance” solution, saw its token value plummet by nearly 99% when around 6.9 million SERSH tokens worth $5.6 million were stolen from one of the team’s MetaMask wallets.
Serenity Shield confirmed the hack in a post on February 27 and announced the suspension of all trading activity, including SERSH deposits and withdrawals on centralized exchanges. The project indicated that it intends to return SERSH with a new token contract, but did not specify a clear date for this relaunch.
In a blog post, they said, “This decision aligns with our commitment to responsibly safeguard the interests of our community and minimize exposure to the security incident.”
On February 27, at 9:11 a.m. UTC, an exploit occurred in which 6.9 million SERSH tokens, each worth $0.82, were transferred from one of the project’s MetaMask wallets to the wallet of an undisclosed third party.
However, after five minutes, it dropped by 98%, from $0.565 to $0.009, according to CoinGecko.
Read also: Mastercard Partners With MetaMask to Test on Chain Payment Card via Baanx
