The cryptocurrency space witnessed another scam attack targeting on data storage platform Serenity Shield. This unforeseen attack happened towards Serenity Shield's Metamask wallets, as the cybercriminals took over 7 million SERSH tokens.
Serenity Shield, a platform for storing data securely, faced a major setback when one of its Metamask wallets, which held liquidity for the SERSH token, was hacked.
The hack caused a significant drop in the token's price, sparking concerns among its holders about the platform's future.
The security-focused platform took to social media, announcing that approximately 7 million SERSH tokens had been transferred to a third-party wallet during the incident. These tokens were valued at around $5.6 million at the time of the exploit.
Following the breach, the token's price plummeted dramatically, experiencing a decrease of over 90% within hours. SERSH, which had been trading around the $0.8 mark, quickly tumbled to just $0.0073.
However, before the market closed for the day, the SERSH token price made a recovery of $0.2 around its support level before falling into the $0.016-$0.017 price range.
Following the scam attack, the Serenity Shield team took to social media to reveal its next plan on how to protect the community.
Firstly, the team stopped all SERSH trading in centralized exchanges (CEXs), requesting holders to halt using the PancakeSwap exchange as a precautionary measure.
Serenity Shield's team added that there's a new plan to relaunch the SERSH token. They believe the best course of action is to implement a robust smart contract to ensure the safety of our ecosystem.
If you purchased the token before the incident, you'll be eligible for a replacement on a 1:1 basis. However, it's important to note that transactions made after a certain snapshot timeframe won't qualify for this replacement.
It's worth mentioning that the token replacement will specifically apply to purchases made on decentralized exchanges (DEXs).
As for transactions made on centralized exchanges (CEXs), we are in the process of engaging with the respective platforms to determine the replacement procedure.
Crypto investigator ZachXBT and research conducted by Serenity Shield have discovered that the addresses linked to the recent hack are connected to a security breach that occurred in December 2023 involving the OKX cryptocurrency exchange.
This hack is just one of several security breaches that the crypto community has faced in 2024.
Experts advise users to remain vigilant and avoid clicking on any suspicious links or engaging in questionable account activities, as scammers persistently target prominent figures and projects within the crypto industry.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.