Gate.io Blog Daily News | Ethereum Denchun Mainnet Upgrade Announcement Released; The Theft of the Project Wallet Caused a 99% Drop in SERSH

Daily News | Ethereum Denchun Mainnet Upgrade Announcement Released; The Theft of the Project Wallet Caused a 99% Drop in SERSH

28 February 14:24

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## Crypto Daily Digest: Ethereum Denchun Mainnet Upgrade Announcement Released; Serenity Shield project wallet stolen, token price drops 99%
Regarding <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF trading activities, on February 27, GBTC outflows approximately $125 million, reducing its holdings of 2200 BTCs yesterday. ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $5.4 million yesterday, and WisdomTree Bitcoin spot ETF (BTCW) net inflow of $3.6 million. Fidelity Bitcoin spot ETF (FBTC) inflow of $126 million yesterday.

The total trading volume of 9 Bitcoin spot ETFs exceeded $2 billion again yesterday (February 27). Among them, BlackRock Bitcoin Spot ETF (IBIT) broke through its historical high with a trading volume of $1.3 billion, surpassing the trading volume of most large US stocks.

The <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Foundation has released an upgrade announcement for the Denchun mainnet. Denchun is expected to be activated on the Ethereum mainnet at 13:55 UTC Beijing time on March 13, 2024. The block height is 269,568, and node operators and stakers must upgrade their software to the version listed in the announcement.

This upgrade is another upgrade following last year's Shapella upgrade, which includes multiple changes, most notably the introduction of transient data Blobs through EIP-4844 (also known as protodanksharding), which will help reduce L2 trading costs.

Serenity Shield, a project claiming to be a "crypto inheritance" solution, has been attacked, and the underlying token has fallen by nearly 99%. According to the announcement by the project team on the X platform, earlier, a Metamask wallet holding liquidity for SERSH tokens was hacked, resulting in nearly 7 million SERSH tokens being transferred to an unknown third-party wallet. This event resulted in a significant drop in token prices.

As a preventive measure, the official response is to suspend all transactions, deposits, and withdrawals from the central exchange to prevent further problems. Meanwhile, it was decided to use a new token smart contract to relaunch SERSH tokens, minimizing the risk of security incidents. During the token reissue period, redeploy all liquidity to the new contract and replace any liquidity removed due to Metamask compromise.

The SERSH token was launched about two months ago, and the vulnerability occurred on the morning of February 27 at 9:116.9 million SERSH (priced at $0.82) transferred from a MetaMask wallet of the project to an unidentified third-party wallet. Afterward, the price of SERSH showed a downward trend for about 5 hours and then suddenly dropped 98% from $0.565 to $0.009 within 5 minutes. Currently, the price is returning to normal.

## Macro: The probability of interest rates remaining unchanged is close to 100%; The US inflation test is coming soon, and Asian stock markets are slow; Slight fluctuations in gold and crude oil prices
According to the CME "Federal Reserve Watch" tool, the probability of the Federal Reserve maintaining interest rates in the 5.25% - 5.50% range in March is 99%, and the likelihood of a 25 basis point rate cut is 1%. The probability of maintaining interest rates unchanged by May is 79.7%, the likelihood of a cumulative 25 basis point rate cut is 20.1%, and the probability of a cumulative 50 basis point rate cut is 0.2%.

Tuesday's data showed that durable goods orders in the United States experienced the largest decline in nearly four years in January. The US consumer confidence index also declined in February. Investors focus on the Federal Reserve's preferred inflation indicator, the January Personal Consumer Expenditure Price Index (PCE), announced on Thursday. A Reuters poll shows that the monthly rate of personal consumption expenditure price index is expected to rise by 0.3% in January, slightly higher than the 0.2% in December.

According to Reuters, this week's US inflation data may affect the timing of the Federal Reserve's easing cycle. Before the release of specific data, Asian stock markets performed cautiously on Wednesday, with Morgan Stanley Capital International's (MSCI) Asia Pacific Index, the most widely used stock index outside of Japan (MIAPJ0000PUS), falling 0.11% to 527.14 points, but hovering around a nearly seven month high of 531.56 points. The Chinese stock market saw mixed gains and losses in the early trading session, with Hong Kong's Hang Seng Index falling 0.31% and Chinese blue chip stocks such as the CSI 300 Index rising 0.46%.

The New Zealand dollar fell sharply after the Bank of New Zealand softened its hawkish stance on interest rates. The Bank of New Zealand stabilized its cash rate at 5.5% on Wednesday, reaffirming that previous rate hikes would help curb prices but adding that the risk of further rate hikes has been reduced. The New Zealand dollar closed at $0.61235, down 0.75% on the same day.

The Japanese yen remains at a psychologically critical price of 150 yen per US dollar, with the latest report of 150.43 yen per US dollar. The Nikkei Index (. N225) fell 0.2% the same day and hit a historic high this week.

Gold prices slightly rose on Wednesday as US Treasury yields fell, and investors focused on key US inflation data this week and speeches from several Federal Reserve officials in search of new clues about interest rate paths. Spot gold rose 0.1% to $2,031.99 per ounce. US futures fell 0.2% to $2,041.00 per ounce. The yield of 10-year US Treasury bonds has declined from 4.3150% to 4.2934%, making non-yield gold more attractive.

In terms of crude oil, US crude oil fell 0.41% to $78.55 per barrel; Brent crude oil was reported at $83.31 per barrel, down 0.41% on the day.

The prospect of a delayed US interest rate cut cycle has made the market cautious, offsetting the boost brought about by OPEC and extended production cuts.

<div class="blog-details-info">
<div>Author:**Sherry S.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | Ethereum Denchun Mainnet Upgrade Announcement Released; The Theft of the Project Wallet Caused a 99% Drop in SERSH

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