SafeMoon Community Demands Accountability After $9M Hack and Lackluster Updates

Key Points:

• SafeMoon community frustrated with lack of progress after $9M exploit.
• SafeMoon’s contract vulnerability exploit allows people to drain liquidity from the platform. CEO John Karony assured users their funds were safe, but the community is unimpressed with repetitive updates.
• Scandals arise, including paid influencers pumping and dumping the token and allegations of senior team members stealing funds. SFM is down 95% from its all-time high of $0.00338272.

SafeMoon community has expressed disappointment with the company’s handling of a recent $9 million exploit.

The exploit occurred on March 28, and involved a contract vulnerability known as the “public burn bug.” This bug allowed individuals with technical knowledge to drain liquidity from the SafeMoon platform. In response, CEO John Karony issued a statement the following day, saying that the exploit had been patched and that users’ funds were safe. However, since then, the company has issued six more statements, most of which have followed a similar structure and format. While the most recent statement emphasized “great progress” that had been made, many users have expressed frustration with the lack of concrete results.

In response to the SafeMoon team’s updates, one Reddit user expressed doubt about the company’s ability to recover the lost funds. They even suggested that if the funds had not yet been recovered, they likely never would be. Other users have criticized the repetitive nature of the updates, with one user questioning what detailed update the company was referring to in its most recent statement.

This latest controversy is just one in a series that has plagued SafeMoon over the past year. In September 2021, the company’s CTO, Hank Wyatt, resigned following a series of missed product release deadlines. This fueled rumors about the company’s future. Then, in April 2022, the company was embroiled in several scandals, including allegations of senior team members stealing funds and paid influencers pumping and dumping the token. On-chain sleuthing even suggested that Thomas “Papa” Smith had pocketed $143 million.

As a result of these controversies, the value of SFM has fallen by 24% since the exploit. The token is now down 95% from its all-time high of $0.00338272, which was achieved on January 5, 2022. Despite the company’s promises to make progress and restore normality, it remains to be seen whether SafeMoon will regain its users’ trust and recover from these setbacks.

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