Yesterday, the crypto neighborhood noticed an assault on one among Serenity Defend’s Metamask wallets, ensuing within the theft of over 7 million SERSH tokens. Consequently, the token’s value considerably dropped, and the holders confirmed concern in regards to the platform’s future.
$5.6M In Crypto Stolen From Sizzling Pockets
Serenity Defend, an information storage answer platform, fell sufferer to a hack that compromised one among its Metamask wallets holding liquidity for the SERSH token.
The safety-focused platform announced on X (former Twitter) that round 7 million SERSH tokens had been despatched to a third-party pockets. The tokens have been value round $5.6 million through the exploit.
Transaction particulars of the hack. Supply: BscScan
This incident led to an enormous drop within the token’s value, registering a discount of over 90% within the hours following the heist. SERSH, buying and selling across the $0.8 value vary, shortly fell to $0.0073.
By the tip of the day, the value was capable of recuperate above the $0.2 assist degree for a few hours earlier than persevering with the fall to the $0.016-$0.017 value vary. In response to CoinMarketCap information, this represents a value decline of over 70% within the final 24 hours.
Because the crew introduced, all SERSH buying and selling in centralized exchanges (CEXs) was halted, and holders have been requested to cease working on the PancakeSwap trade as a precautionary measure.
Subsequent Steps For SERSH
Serenity Defend’s crew revealed that one of the best motion to guard the neighborhood could be relaunching the SERSH token “through a robust smart contract to safeguard our ecosystem.”
The token alternative will comply with a 1:1 foundation for holders who bought the token earlier than the incident. Nevertheless, the crew addressed that transactions made after the snapshot timeframe wouldn’t be eligible for this alternative.
🚨 Safety Alert & Serenity Defend’s Response 🚨
In the present day, a MetaMask pockets associated to our challenge was compromised. Consequently, we’re taking speedy steps to handle this and assist our neighborhood:
✋ Cease Buying and selling on PancakeSwap: As beforehand communicated, please halt all…
— Serenity Defend (@SerenityShield_) February 27, 2024
Moreover, the token substitution will solely apply to purchases in decentralized exchanges (DEXs). As for CEXs, the announcement learn as follows:
For transactions made on CEX, we are going to interact with the respective CEX platforms to find out the alternative course of and can talk updates accordingly.
Not too long ago, an analogous incident resulted within the crypto gaming platform PlayDapp deciding emigrate from its PLA token to the brand new PDA token. PlayDapp suffered a safety breach that swiped over $290 million in PLA tokens.
Neighborhood Outrage and OKX Hack Hyperlink
The Serenity Defend crew responded amid the neighborhood hypothesis on whether or not a malicious, unauthorized third get together or an inside job did the hack.
On a telegram replace, the crew clarified that the challenge had not been hacked however that one of many sizzling wallets holding the SERSH tokens was compromised. The response denied that they have been affected by a rug pull.
Connection between the OKX DEX exploiter and Serenity Defend's Exploiter. Supply: ZachXBT on Telegram
Moreover, crypto investigator ZachXBT and Serenity Defend’s analysis unveiled that the addresses concerned within the hack have been associated to the safety breach that happened in December 2023 and concerned the crypto trade OKX.
The image above reveals that the stolen funds have been initially despatched to a third-party pockets. This pockets despatched the tokens to 2 different addresses, transferring them between them. One in every of these addresses (0x93a8…f554) seemingly obtained funds that proceeded from the unique pockets concerned within the OKX hack.
This incident is one among a number of hacks the crypto neighborhood has suffered via 2024. Consultants counsel that customers maintain their “eyes peeled and don’t trust any suspicious link or account activity” as scammers proceed to focus on high-profile figures and tasks contained in the crypto sphere.
Bitcoin value efficiency within the 4-day chart. Supply: BTCUSDT on TradingView.com
Characteristic Picture from Unsplash.com, Chart from TradingView.com
