According to PANews, blockchain data storage protocol Serenity Shield's SERSH token experienced a near 99% drop in value after approximately 6.9 million SERSH tokens, worth $5.6 million, were stolen from the team's MetaMask wallet. Serenity Shield confirmed the vulnerability in a post and notified its community that it would temporarily suspend all trading, deposits, and withdrawals of SERSH on centralized exchanges. The project stated that SERSH would relaunch with a new token contract but did not disclose a timeline. Serenity Shield also said it is 'actively working' to redeploy all liquidity to the new smart contract and replace any liquidity from the vulnerability.
The vulnerability occurred at 17:00 Beijing time on February 27, when 6.9 million SERSH tokens were transferred from the project's MetaMask wallet to an unidentified third-party wallet. CoinGecko data shows that the price of SERSH was on a downward trend for about 5 hours before suddenly dropping 98% from $0.565 to $0.009 within 5 minutes. As of now, SERSH has rebounded to $0.2036, with a 24-hour decline of 75.1%.
