TechFlow reported, according to Cointelegraph, that Serenity Shield's SERSH token nearly plunged by 99% after approximately 6.9 million SERSH tokens worth $5.6 million were stolen from a MetaMask wallet belonging to the team.
The incident occurred at 17:00 Beijing time on February 27, when 6.9 million SERSH tokens were transferred from one of the project’s MetaMask wallets to an unknown third-party wallet. Data from CoinGecko shows that the price of SERSH trended downward for about five hours before suddenly dropping 98%, from $0.565 to $0.009, within five minutes.
The project has urged users to halt all SERSH trading on PancakeSwap. Trading on centralized exchanges (CEXs) such as Gate.io and MEXC has also been suspended. SERSH will be relaunched using a new token contract, although no timeline has been provided.
Serenity Shield also stated it is "actively working" to redeploy all liquidity to the new smart contract and will replace any liquidity lost due to the breach.
The current SERSH price is $0.57, with a 24-hour decline of 75%.
