Today marked a troubling turn of events for Serenity Shield’s project as a MetaMask wallet associated with the initiative fell victim to a security breach. The breach resulted in the loss of 6.9 million $SERSH tokens, valued at approximately $5.6 million.

Reports indicate that a portion of the stolen $SERSH tokens were exchanged for $USDT.

Notably, around 580,000 $USDT are currently held at wallet address 0x29d473678b19edb5a419a13554ca93851604477f, while an additional 210,000 $USDT have been bridged to the Ethereum network.

Furthermore, some of the compromised $SERSH tokens have been transferred to the trading platform @MEXC_Official.

Serenity Shield Team Makes Moves And Clears The Air

In response to this unfortunate incident, the Serenity Shield team has sprung into action, swiftly implementing measures to address the situation and provide support to their community.

To mitigate risks, the team has advised traders to cease all SERSH trading activities on PancakeSwap. Additionally, trading on centralized exchanges such as Gate.io and MEXC has been temporarily suspended until further notice.

In an effort to fortify their ecosystem against future security threats, the team is in the process of deploying a new SERSH token through a robust smart contract.

They assure stakeholders that every necessary safety measure is being taken to ensure the integrity of the system.

As part of their recovery plan, holders of SERSH tokens prior to the breach will be compensated with new tokens on a 1:1 basis. Further details regarding the token replacement process will be communicated to the community in due course.

Following the security breach, the value of $SERSH tokens has experienced a sharp decline, plummeting by over 52% in the past 24 hours. Despite this setback, the Serenity Shield team remains committed to restoring trust and stability within their ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: serezniy/123RF // Image Effects by Colorcinch