Safemoon CEO: Vulnerability Fixed, User Money Still Safe

Key Points:

• John Karony, CEO of Safemoon, said the vulnerability had been fixed and other LP groups were not affected, and user funds were still safe.
• The protocol identified suspicious vulnerabilities and fixed the vulnerabilities, and hired blockchain forensics consultants to determine the exact nature and extent of the vulnerabilities.
• Earlier on-chain data reported that nearly $8.9 million in SafeMoon’s liquidity pool fell into the hands of hackers.

John Karony, CEO of DeFi protocol Safemoon, said the vulnerability had been patched, no other LP pools were affected, and user funds are still secure.

After 6 hours of fixing the security issue, the Safemoon executive detailed the situation of the security incident.

“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.”

Currently, the protocol has identified suspicious vulnerabilities and has fixed them vulnerabilities. Besides, they also hire blockchain forensic consultants to determine the exact nature and extent of the vulnerabilities. The DEX is secured, and user funds are safe. Any upgrades and releases we will make will also be unaffected.

Earlier today, it was reported that the DeFi SafeMoon protocol was hacked, and its liquidity pool lost around $8.9 million. As reported by Beosin, the SafeMoon attacker expressed to the on-chain project side that he wanted the money back.

A recent platform update accidentally created a “burn bug” vulnerability that leaked the admin key, allowing the hack to flourish.

Accordingly, the hacker blew the price of SFM and paid enough tokens back to the pool in the same transaction, thereby draining WBNB from the contract and pocketing more than $8.9 million quickly.

SafeMoon is a DeFi protocol that brings profits to investors through the distribution, redemption of LPs, and token burning. In February 2022, the project was once entangled with accusations of “pumping” from celebrities and the development team.

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.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News