IS SERSH About to Make A BIG COMEBACK? Crypto DEPIN Project

As you know, Serenity Shield recently got hacked in their main deployer wallet. They lost ~7 million $SERSH tokens to the same hackers behind the OKX DEX hack in December.

To safeguard users, they took the token offline, created a new BEP-20 token contract, and more to enhance security. Today, we hear directly from the Serenity Shield team about what they are doing now and will do over the next few months to get things back to normal. Let’s hear what they have to say in this interview.

Intro & First 2 Questions

We’ve talked about Serenity Shield a lot in the past few months. We like the project and we like the team. And none of that has changed. Even after the hack. But we have questions. And we know you do too.

So, we took some of the best questions our Altcoin Buzz Alpha members had about Serenity and asked the team about it. Today, Serenity Shield CEO Venket Naga will be answering these questions both for our Alpha community and the public. So let’s get started.

[Editor’s Note: Venket’s answers will be italicized so you can see the difference here between his answers and our comments and questions.]

Q1: How Did Your Metamask Deployer Wallet Get Hacked? 

This is a very important question and I’ll try to keep it as simple and transparent as possible.

So, there was unauthorized access to one of the devices which was connected to the deployed wallet that was holding the tokens. This unauthorized access was the entry point which I’d say was the Web2 bridge, and not the Web3 bridge, because the private key of the deployed wallet was not compromised.

Right now, there is a full investigation to find the root cause of the issue and bring the perpetrators to justice. Also, we want to communicate this problem to other projects so they can be aware and take necessary precautions in the future.

What Steps Are You Taking to Prevent This From Happening Again?

We are doing many things. First, we hired security professionals who are creating a security protocol considering board web2 infrastructure and web3 aspects of the project.

Also, we are in the process of hiring one of the best cybersecurity companies in India which will take control of the entire structure to boost the security of our entire platform.

As we speak, we’ve deployed a new token smart contract by creating a new wallet structure. So, we’ll also have an individual wallet for specific purposes. We’ll have a unique wallet for fees, another wallet for other functionalities, and another safe wallet with a multisig approval. The most important thing I took from this is the new wallet structure.

First, they will have separate wallets for separate functions including one only for airdrop-related things that are not connected to the main Treasury wallet. Also, all these wallets will be multi-signature going forward for added security. 

So, these are the major things we are implementing. As I said, there is a full security professional team who has been advising us and working on this whole issue and make sure this won’t happen again.

Q2: What Is the Sersh V2 Launch and When It’s Going to Take Place?

After the hacking incident, we paused all the trades and gave a public announcement. We deployed a new token smart contract in the BSC which was audited by Hacken and got a 10/10. So, this new smart contract will go live by next week.

The exact date of the listing will be announced very soon. hopefully, it will be launched on, MEXC, and Pancakeswap. Investors and token holders will be able to access the token from the TGE launch date.

So the token will still be $SERSH with the same symbol and expects to trade on the same exchanges. But it’s a new launch of a new contract, thus v2. The when depends on approvals by the exchanges to relist, which is expected this coming week.

Q3: How Can People (And Who Can) Participate in Sersh V2 Launch?

Anyone can participate in the Sersh V2 launch as soon as the token goes live in centralized and decentralized exchanges

More Questions from the Altcoin Buzz Community

Now a question for those who stake $SERSH currently:

Q4: How will the conversion for $SERSH stakers work from the old token contract to the new one?

The existing staking pools, which are 5, will be closed. After the new TGE launch date, we are planning to recreate new staking pools with the same parameters we had before.

So, what happens with the current stakers? The new token will be airdropped to the stakers with the calculated rewards. Also, after the TGE launch date, token holders will have the opportunity to stake again their $SERSH tokens so they can benefit from the new staking pools.

Q5: What must Central Exchange holders like those holding the token at MEXC or need to do?

They don’t have to do anything. We are talking to those centralized exchanges to do a token swap from the old token to the new one for the total number of tokens they have.

[Editor’s Note: By the time you read this, this should have happened already if you held $SERSH at an exchange]

Q6: I am invested in ChainGPT and also a winner of the giveaway campaign. Will this giveaway campaign also be restored? And are there any compensation plans for IDO participants planned?

Every hacked program will be restored via an IDO, KYL, a learn-to-earn, or a giveaway campaign. In terms of any compensation, nowadays we don’t have any specific program, but what we are trying to do is to set the right price of $0.51 per token, which was the price before the hack happened, and allow new and old users to buy it and benefit

So what do you think about these answers so far? How do you think Serenity Shield is handling this? Let us know in the comments below

Last Set of Questions

Here’s our last set of questions for Venket and the Serenity team. This is a follow-up staking question

Q7: When will staking rewards start again for $SERSH stakers?

Since we are doing many things at the same time, we want users to handle the staking part after the new token launch date. So, new staking pools will be created so users can first swap their old tokens for the new ones and be able to stake them in the new staking pools.

These new staking pools will be created after the TGE launch date.

Q8: What are you doing to retain the value after launch immediately and how can the community be assured to hold long term? 

The hacking issue doesn’t change the fundamentals of the project. We’ve been working on a product, and we’ve announced a roadmap that has many features. So, all the roadmaps’ dates will be respected. All the milestones will come during this year.

The fundamentals of the project will be preserved with the deflationary nature of the token. They are intact and stronger than ever. This means that when the search demand increases, the supply will reduce and the price will increase.

Also, we are working hard to make sure that the circulating token supply is adjusted to the total supply. This way, we make sure that the hacking issue doesn’t affect the marketcap. And we can avoid a huge price drop or selling pressure from token holders.

All these parameters have been scientifically calculated reasonably so we can take the right balance. I’m not giving financial advice, I’m describing our measures as a simple team member who is describing how the company will continue robust.

Q9: Can you tell us about your full roadmap and break it down (the app with the subscription, the hardware wallet, the Blockchain that they will build on top of, and also clarify the rebranding ‘S’ on the roadmap)

We’ve already announced the full roadmap for 2024 and we are sticking to the dates of it. Some of the main features are:

  • A decentralized private messaging system. (Almost complete at the time of publishing this article. it will be launched after the TGE launch date.)
  • AI deployment.
  • Incorporation of a hardware wallet into our system along with biometrics parameters.
  • Creating more security parameters.
  • Bridging with Solana, among other EVM chains.

Q10: ​​If I have $SERSH in a Metamask wallet right now, how do I convert it from v1 to the new v2? Will it be airdropped or do I trade it in or send it to a burn address?

It will be airdropped based on the timestamp of 2:26 pm (UTC) on Feb 27th which is what we’ve announced.

It’s important to mention that anyone who was involved in a trade after the hacking will not get a chance to make a token swap.

Thanks, Venket Naga and Serenity Shield for coming in and showing transparency and candor about what’s going on and what we can expect coming up. For the most recent up-to-the-minute updates, follow Serenity Shield on Twitter so you can find out when the new TGE will take place.


The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Serenity Shield. Copyright Altcoin Buzz Pte Ltd.


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