DeFi Project SafeMoon Exploited of $8.9 Million Post-Recent Upgrade

• PeckShield has identified the source of the issue down to a recent software update.
• The hacker got off with over 27,000 BNB, or $8.9 million.

On March 28, the DeFi project SafeMoon announced on Twitter that a hacker had gained access to the project’s liquidity pool (LP). SafeMoon has stated it is taking action to rectify the situation as quickly as possible but has not provided any other specifics regarding the assault.

Several famous people in 2021 supported SafeMoon, as they did many other cryptocurrency initiatives. A lawsuit filed in February 2022, however, claimed that celebrities including Nick Carter, Soulja Boy, and Lil Yachty, as well as YouTubers Jake Paul and Ben Phillips, imitated real-world Ponzi schemes by convincing investors to buy SafeMoon (SAFEMOON) tokens in the hopes of achieving impossible returns.

Public Burn Feature Update

According to the data gathered from the investigation into the SafeMoon incident, the hacker got off with over 27,000 BNB, or $8.9 million. Comments on the announcement that exposed the LP breach have also been disabled.

PeckShield, a blockchain investigator, has identified the source of the issue down to a recent software update. The current update supposedly introduces a public burn feature that lets users burn tokens from other addresses.

The thief included a note with the transaction with the following words:

“Hey relax, we are accidently frontrun an attack against you, we would like to return the fund, setup secure communication channel , lets talk.”

A member of the community who goes by “DeFi Mark” said that an attacker had leveraged the flaw to steal SafeMoon tokens, producing an artificial price increase. The attacker made the most of the circumstance by selling the tokens for a huge profit.

Investors are cautioned from putting money into the SafeMoon project until the company formally announces a remedy.

Recommended For You:

DeFi Protocol Euler Finance Hacker Returns Massive 51,000 ETH

• SEO Powered Content & PR Distribution. Get Amplified Today.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
• Source: https://thenewscrypto.com/defi-project-safemoon-exploited-of-8-9-million-post-recent-upgrade/