SafeMoon Hacker Will Refund 80% Of Stolen Funds After Negotiation
- The SafeMoon hacker has agreed to restore 80% of the stolen monies from the liquidity attack last month.
- On March 28, a smart contract vulnerability was exploited, resulting in a liquidity drain of $9 million in tokens for the attacker.
- The creators of the project also assured that no charges would be brought against the hacker.
According to on-chain data uploaded by the pseudonymous Twitter account SafeMoonSpidey, a hacker who attacked the decentralized financial system SafeMoon has committed to refunding 80% of the stolen cash valued at $7.1 million.
On March 28, a smart contract vulnerability was exploited, resulting in a liquidity drain of $9 million in tokens for the attacker.
The public token burn feature, which was included in a recent project version, enables SafeMoon users to burn tokens from other addresses. Attackers exploited a flaw in the smart contract, allowing them to remove SFM tokens from the SafeMoon-WBNB liquidity pool. After that, the attacker’s action caused the price of SFM to skyrocket. In return for WBNB, the attacker offered expensive SFM tokens.
Nevertheless, the attackers placed a statement in the transaction hours after the breach occurred, suggesting that they were prepared to repay the monies. According to PeckShield, they returned 4,000 BNB valued at $1.2 million.
The team is aware of the problem and is trying to find a solution. The community expressed their displeasure with the absence of relevant updates on the topic in the weeks that followed.
The two sides agreed on a bug reward of 20% for the hacker. The makers of SafeMoon have also verified that no charges would be brought against the hacker. According to an on-chain message:
“After careful consideration of the circumstances, it is believed this is the best in the best interest of SafeMoon and the community.”
Other comments expressed the concern that the hacker had been rewarded for illegal activities. @SafeMoonSpidey prefers to refer to the 20% prize as a white hat bounty. Nevertheless, he said that a return of 80% is preferable to nothing.
SFM is now trading at $0.002031 with a 24-hour trading volume of $1.175 million.
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