Key Points:
SafeMoon said that it is working to remedy the problem but provided little additional specifics. SafeMoon CEO John Karony retweeted the project’s original announcement without comment on his own Twitter account.
SafeMoon is a DeFi-focused project that promises to provide investors with the opportunity to earn interest on their investments via redistribution, LP purchase, and token burning.
While SafeMoon has not revealed the reason for the event, others have weighed in. According to PeckShield, a contract update revealed a public burn flaw, enabling anybody to destroy tokens. To PeckShield, the update was prompted via the deployer contract, raising the prospect of an admin key leak.
Peckshield verified that the hacker used a code function to artificially inflate the price of SFM tokens and then sold enough tokens back to the liquidity pool in the same transaction to effectively drain the WBNB from the contract.
According to BscScan, about $8.9 million in assets were moved out of the liquidity pool.
John Karony said:
“As you may be aware, on Tuesday 28 March, SafeMoon’s Liquidity Pool was compromised. We have taken swift action to resolve the situation and protect our community. I want to make clear that our DEX is safe. This ultimately affected the SFM:BNB LP pool.”
The announcement had a little impact on SFM, which caused its price to drop more than 5% in the last 24 hours but quickly recovered along with the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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