Project Serenity Shield (SERSH) is a startup specializing in multi-chain data storage. It recently ran into trouble after being hit by a MetaMask hack wallet. As a result, the value of SERSH has fallen by almost 99%. The aim of the platform is to repair the damage using a series of measures.
Answer from crypto developer Serenity Shield
On February 27th, the startup confirmed platform that one of their MetaMask wallets was hacked. Approximately 7 million SERSH tokens worth $5.6 million were transferred to an unknown third party. This event resulted in a sudden and drastic drop in the value of the coin, from $0.565 to $0.009 in just 5 hours.
The Serenity Shield team has responded by centralizing all SERSH trading, deposits and withdrawals Exchange suspend. They announced on Platform X that the digital coin would be relaunched with a new token contract. However, the time frame in which the new coin will be launched has not been communicated. Serenity Shield argues:
“This decision is consistent with our commitment to responsibly protect the interests of our community and minimize exposure to future security incidents.”
Project receives criticism
X is criticized for Serenity Shield’s actions. User”Hamster altcoins“, claims that the administrators of Serenity Shield’s Telegram channel do not tolerate critical voices.
Additionally, the project was criticized for storing funds in a hot wallet instead of a cold wallet. Hot wallets like MetaMask are connected to the internet to provide faster and easier access to decentralized finance protocols.
They are considered less secure than so-called cold wallets. These are physical devices that store private keys offline, such as Ledger Nano and Trezor. Serenity Shield’s recent breach and subsequent response have raised questions about the project’s security and reliability.