DeFi project SafeMoon lost $9 million in hacks

DeFi project SafeMoon lost $9 million in hacks

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Author: Robert Strickland (crypto expert)
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DeFi project SafeMoon lost $9 million in hacks
The exchange rate of the platform's native token plummeted by 30% following a report of a hacker attack

The SafeMoon (SFM) / BNB cryptocurrency pair liquidity pool was compromised on March 28, platform head John Caroni said. According to him, the hack did not affect other pools, and the SafeMoon cryptocurrency wallet, and user funds are safe. According to the transaction, SafeMoon's DeFi project lost about $9 million as a result of the hack.

"We discovered the alleged vulnerability, patched it, and are engaging an on-chain forensics consultant to determine the exact nature and extent of the incident," said Caroni.

PeckShield analysts determined that the vulnerability was the result of a previous code update. It allowed a hacker to manipulate the price of the SFM token and take about $9 million worth of "wrapped" BNB (WBNB) out of the contract.

The SafeMoon token exchange rate fell 30% from $0.00023 to $0.00016 after the hack was reported. SFM is trading at $0.00019.

A few hours after the incident, SafeMoon received a transaction commenting that the attack was accidental and that the senders of the message wanted a refund. Then, they suggested that the developers of the project contact them by email.

This week, also through blockchain correspondence, the Euler Finance team, which had about $200 million in cryptocurrencies stolen in early March, was able to negotiate a refund with the hacker.

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