US$5.6 million worth of assets were stolen from the Serenity Shield team’s wallet, and the price of the token SERSH dropped 75% in 24 hours

According to Cointelegraph, the SERSH token of the blockchain data storage protocol Serenity Shield has plummeted by almost 99% as approximately 6.9 million SERSH tokens worth $5.6 million were stolen from a MetaMask wallet belonging to the team. The hack occurred on February 27 at 17:00 Beijing time, when the 6.9 million SERSH tokens were transferred from the project's MetaMask wallet to an unidentified third-party wallet. CoinGecko data shows that the price of SERSH was trending downward for about 5 hours before suddenly dropping 98% from $0.565 to $0.009 in 5 minutes.The project stated that SERSH will be relaunched using a new token contract, but did not disclose a timetable. Serenity Shield also stated that it is "actively working" to redeploy all liquidity to the new smart contract and replace any liquidity from the hack.The current price of SERSH is $0.57, with a 75% drop in the last 24 hours.