SafeMoon Resolves Liquidity Hack After Hacker Returns 80% of Stolen Funds
Last month, SafeMoon suffered a liquidity hack that resulted in a loss of $9 million in tokens.
The hacker exploited a smart contract vulnerability on March 28, prompting the SafeMoon community to voice their disappointment with the lack of updates from the team. The team’s updates were criticized for being ambitious and avoiding the real issue.
SafeMoon CEO John Karony’s calls for patience did not seem to pacify the community, who were eager for action to be taken against the hacker.
However, a recent announcement from @SafeMoonSpidey suggests that the hacker has agreed to return 80% of the stolen funds. This deal was struck between the hacker and the SafeMoon team, with the on-chain message indicating that it was in the best interest of SafeMoon and the community.
Breaking News: #SafeMoon has struck a deal with the “hacker”
80% LP return imminent.
20% bounty for “hacker”
And no charges pressedNow, back to your regularly scheduled program. 🔥🚀 pic.twitter.com/x94fSb4EoP
— Spidey (@Defi_Spidey) April 18, 2023
READ MORE: Recession Alert: US Money Supply Sees Significant Decline
While some are concerned that the hacker is being rewarded for criminal behavior, @SafeMoonSpidey suggests that the 20% retained by the hacker could be considered a white hat bounty reward.
Nevertheless, the return of 80% of the stolen funds is certainly better than nothing. Some speculate that the SafeMoon team may have been waiting for this resolution before updating their app.
It remains to be seen whether this deal will satisfy the SafeMoon community or whether they will continue to push for further action against the hacker. In any case, the SafeMoon team will need to ensure that they take steps to prevent similar incidents in the future to restore confidence in the platform.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
