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SafeMoon Public Token Burn Exploit Wipes Liquidity Pool, Attackers Say ‘Let’s Talk’

The community was informed that their liquidity pool had been compromised on March 29 by the SafeMoon team. “We are moving quickly to address the issue in an effort to do so as soon as possible. Updates can be found here. We appreciate your help as we try to solve this problem.

A construction and innovation ecosystem for blockchain, Metaverse, NFT, and web3 is called SafeMoon. Nonetheless, since its debut in March 2021, the corporation has been at the focus of scandals and legal disputes.

PeckShield, a blockchain security company, claims that an upgrade included a “public burn flaw.” Additionally, it led to the exploit, which it said may have been brought on by a leak of the admin key. According to Web3 developer “DeFi Mark,” SafeMoon was compromised for $8.9 million. He continued by saying he had found a “very clear vulnerability.”

Every user can burn tokens from any other address using the public burn function. The attacker removed SFM tokens from the SafeMoon WBNB Liquidity Pool using this code. As a result, the native token of Safemoon saw an artificial price increase. In the same transaction, the attacker sold the SFM into the liquidity pool at a markedly inflated price. As a result, all of the remaining WBNB in the pool were destroyed.

The attackers did, however, put a statement in the transaction a few hours after the exploit indicating they were prepared to repay the money. According to PeckShield, they have already sent 4,000 BNB totaling $1.2 million. Relax, we accidentally foreran an assault on you; we would like to return the funds; establish up a secure communication channel; and let’s discuss.

Following the exploit a few hours ago, the native SafeMoon token dropped 30%. SFM is currently selling at about $0.00018 as a result. SFM is down 26% during the last six hours and has lost almost 32% over the last week. In addition, the token has decreased by 94.5% after reaching an all-time high of $0.00338 in January 2022.

 

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