FacebookTwitterLinkedInTelegramCopy LinkEmail
Crime and Investigations

SafeMoon Smart Contract Exploited in Recent Security Breach

SafeMoon Smart Contract Exploited in Recent Security Breach

SafeMoon, a DeFi project focused on the community, has experienced a security breach caused by a token burn bug in its smart contract.

The SafeMoon team has acknowledged the situation and is taking swift action to address it. However, there have been no updates at the time of writing.

SafeMoon is an ecosystem for innovation, including blockchain, Metaverse, NFT, and web3 building. Since its launch in March 2021, the company has faced several legal issues and scandals.

According to PeckShield, a blockchain security firm, the exploit was caused by an admin key leak in an upgrade that contained a public burn bug. A web3 developer named ‘DeFi Mark’ claimed that the hack resulted in a loss of $8.9 million and was an “extremely obvious exploit.”

The attacker used the public burn function to remove SFM tokens from the SafeMoon WBNB Liquidity Pool, artificially raising the token’s price and selling the SFM into the pool at an overpriced rate. This caused a wipeout of the remaining WBNB in the pool.

READ MORE: Bitcoin Bounces back Above $28,500 – Crypto Markets Post Significant Gains

However, the attackers later posted a message in the transaction, suggesting they were willing to return the funds and had already sent 4,000 BNB worth $1.2 million.

Following the security breach, SFM’s price dropped by around 30% and is currently trading at $0.00018

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.

Learn more about crypto and blockchain technology.