The cryptocurrency whose value has fallen by 98% in just a few minutes has been named

Serenity Shield, a company known for its «secure private data storage» solution, has seen its SERSH token plummet 98% in a matter of minutes. The sharp collapse in the value of the digital asset came after about 6.9 million SERSH tokens worth $ 5.6 million were stolen from the wallet of the MetaMask team.

Representatives of Serenity Shield have already announced plans to relaunch the token with a new contract, without specifying a time frame. Serenity Shield specialists have stopped all trading, deposits, and withdrawals of SERSH funds on centralized exchanges.

The plans for the new token are aimed at protecting the interests of the community and restoring confidence in the project’s security measures. The Serenity Shield team also assured that SERSH holders will be compensated with new tokens in a 1:1 ratio, and further details will be announced later.

«We are introducing the new SERSH token with a secure smart contract to protect our ecosystem. Our team is actively working to resolve the situation and further details will be provided as soon as they become available ,» the team said.

The project’s failure to secure its tokens has drawn criticism, especially given its focus on secure data storage. The breach contradicts Serenity Shield’s core security promises, leading to public outcry and skepticism among crypto community members.