After the Metamask wallet breach, the Serenity Shield token has dropped to 99%
The token behind Serenity Shield, a self-described “crypto legacy” solution, crashed 99% after 6.9 million SRSH tokens worth $5.6 million at the time were siphoned from the team's MetaMask wallets.
Serenity Shield confirmed the exploit on February 27, 2009 and informed the community that it has stopped all SRSH trading, deposits and withdrawals on central exchanges.
SRH will be relaunched under a new token contract, the project said, without specifying a timetable.
An important update for the Serenity Shield community
Dear Serenity Shield Community,
In response to recent events surrounding the SRSH token and speculation regarding its price action, we would like to provide clarity on the ongoing situation.
Earlier today, one of our Metamask…
— Serenity Shield (@SerenityShield_) February 27, 2024
“This decision is consistent with our commitment to responsibly protect the interests of our community and reduce exposure to security incidents,” he wrote.
In the same post, Serenity Shield said it is “actively working” to redeploy all liquidity to the new modern contracts and replace any liquidity with exploits.
Security alarm and stability shield response
Today a MetaMask wallet associated with our project was hacked. Therefore, we are taking immediate steps to address this and support our community.
✋ Stop Trading on Pancake Swap: As stated earlier, please stop all…
— Serenity Shield (@SerenityShield_) February 27, 2024
The exploit took place on February 27 at 9:11 AM UTC, and 6.9 million SRSH worth $0.82 was transferred from one of the project's MetaMask wallets to an anonymous third-party wallet.
According to CoinGecko, the price of SRSH went down for about five hours, then in the span of five minutes, it suddenly fell 98% from $0.565 to $0.009.
SRSH has partially recovered to $0.23 at the time of publication.
Related: Axie Infinity Co-Founder Loses $9.7M in 3,248-ETH Wallet Hack
The news was not well received by various X users, including “Hamster Altcoins”, who claimed that Serenity Shield's Telegram channel admins were muting callers.
The X user criticized the project for storing money in the MetaMask hot wallet.
Hot wallets like MetaMask are connected to the Internet to enable fast and easy access to decentralized financial protocols. They are considered less secure than cold wallets, which are physical devices that store private keys offline.
The SRSH token was launched less than ten weeks ago, on December 18th.
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