SafeMoon Hacker Returned $7.2 Million Of Stolen Funds To The Protocol
Key Points:
- The SafeMoon hacker returned $7.2 million from the protocol’s liquidity pool.
- The attacker had completed a 100 BNB test transaction prior to the recovery of 80% of the stolen cash.
The SafeMoon hacker made the right deal to return 80% of the stolen funds to the protocol.
According to blockchain analytics company Peckshield, the SafeMoon hacker refunded $7.2 million of the monies taken from the protocol’s liquidity pool.
The DeFi protocol alerted its community about these transactions on April 19. The SafeMoon team said at the time that the attacker had successfully completed a 100 BNB test transaction, which preceded the recovery of 80% of the stolen cash.
The attacker repaid the monies in two transactions during the early hours of April 20, according to Peckshield. The hacker initially sent 10,000 BNB to SafeMoon’s treasury wallet before transferring another 11,804 BNB to the same address.
In the best interests of its community and the project, the protocol decided that the hacker should retain 20% of the stolen $9 million.
SafeMoon was hacked on March 28 after a new software patch included a public token burn feature that allowed anybody to burn tokens from other addresses.
The attacker used this flaw to take a big percentage of its native token, SFM, from the pool, causing the token’s price to rise. They subsequently sold the tokens at a profit and removed 27,000 BNB from the pool, which was valued at roughly $9 million at the time.
Peckshield identified the hack and contacted SafeMoon.
In the weeks after the incident, the company’s CEO, John Karony, used social media to allay fears and reassure the consumers.
The SafeMoon community, on the other hand, has voiced frustration with the lack of particular information regarding the issue. After the event, the initiative has been heavily criticized, with many accusing it of promoting criminal activity and ignoring the hack.
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
Harold
Coincu News
Author
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SafeMoon Hacker Returned $7.2 Million Of Stolen Funds To The Protocol
Key Points:
- The SafeMoon hacker returned $7.2 million from the protocol’s liquidity pool.
- The attacker had completed a 100 BNB test transaction prior to the recovery of 80% of the stolen cash.
The SafeMoon hacker made the right deal to return 80% of the stolen funds to the protocol.
According to blockchain analytics company Peckshield, the SafeMoon hacker refunded $7.2 million of the monies taken from the protocol’s liquidity pool.
The DeFi protocol alerted its community about these transactions on April 19. The SafeMoon team said at the time that the attacker had successfully completed a 100 BNB test transaction, which preceded the recovery of 80% of the stolen cash.
The attacker repaid the monies in two transactions during the early hours of April 20, according to Peckshield. The hacker initially sent 10,000 BNB to SafeMoon’s treasury wallet before transferring another 11,804 BNB to the same address.
In the best interests of its community and the project, the protocol decided that the hacker should retain 20% of the stolen $9 million.
SafeMoon was hacked on March 28 after a new software patch included a public token burn feature that allowed anybody to burn tokens from other addresses.
The attacker used this flaw to take a big percentage of its native token, SFM, from the pool, causing the token’s price to rise. They subsequently sold the tokens at a profit and removed 27,000 BNB from the pool, which was valued at roughly $9 million at the time.
Peckshield identified the hack and contacted SafeMoon.
In the weeks after the incident, the company’s CEO, John Karony, used social media to allay fears and reassure the consumers.
The SafeMoon community, on the other hand, has voiced frustration with the lack of particular information regarding the issue. After the event, the initiative has been heavily criticized, with many accusing it of promoting criminal activity and ignoring the hack.
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
Harold
Coincu News
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