Serenity Shield Token Plummets Following MetaMask Wallet Breach

Serenity Shield Token Plunges 99% Amid MetaMask Wallet Breach

Serenity Shield's token, amidst a MetaMask wallet breach, witnessed a staggering plummet of almost 99%. Approximately 6.9 million SERSH tokens, valued at $5.6 million, were purloined from one of the team's MetaMask wallets, precipitating this nosedive.

Serenity Shield Takes Swift Action Following Breach, Suspends Trading on Centralized Exchanges

Serenity Shield swiftly acknowledged the breach via a Feb. 27 post and promptly suspended all SERSH trades, deposits, and withdrawals on centralised exchanges. In an effort to ameliorate the situation, the team is actively reallocating liquidity to new token contracts, assuring the community of its commitment to mitigating risks and safeguarding their interests.

Serenity Shield Maintains Silence on SERSH Relaunch Timeline, Prioritizes Security Measures

The project remains tight-lipped regarding the timeline for SERSH's relaunch with a new token contract. However, the team's decision is rooted in their dedication to prudently addressing the security breach and minimizing its impact on stakeholders.

Serenity Shield Hit by Breach: 98% Token Plummet in Five Minutes

The exploit transpired at 9:11 am UTC on Feb. 27, with 6.9 million SERSH tokens, valued at $0.82 each, being illicitly transferred to an unidentified third-party wallet from the project's MetaMask wallet. This breach instigated a downward spiral in SERSH's value, plunging by 98% within a mere five-minute window.

Users Criticize Serenity Shield's Management Style and Security Measures

Several users, including "Hamster Altcoins," expressed discontent with Serenity Shield's handling of the situation. Criticisms encompassed the alleged censorship of dissenting voices within the project's Telegram channel and the use of a MetaMask hot wallet, deemed less secure compared to cold wallets.

Community Concerns Grow Over Reliance on MetaMask Hot Wallets

The reliance on MetaMask hot wallets for fund storage has raised eyebrows within the community. Despite enabling expedited access to decentralised finance protocols, hot wallets pose inherent security risks due to their online connectivity. This stands in contrast to cold wallets, which store private keys offline on physical devices, offering a higher level of security.