Gate.io suspends withdrawals of SafeMoon following public burn bug exploit

2 years ago

The fallout from the illness of SafeMoon’s liquidity excavation connected Mar. 28 continues arsenic Gate.io suspends deposits and withdrawals of the token.

“As the astute declaration of the SFM (SafeMoon) token has been attacked, Gate.io has suspended the deposit and withdrawal of SFM (SafeMoon) for the information of your assets,” the institution said successful a blog post dated Mar. 29.

SFM Exploit

The determination comes aft a nationalist pain bug was allegedly compromised aft a bug to region SFM tokens from the SafeMoon WBNB Liquidity Pool led to the artificial ostentation of the token’s price.

According to DeFi Mark, a Solidity developer who Tweeted astir the attack, it was the “public pain function” that was exploited and led to the tune of $8.9 cardinal being drained from the liquidity pool.

SFM responds

Following the exploit, SafeMoon has assured its users that it is taking swift actions to resoluteness the issue. CEO John Karony has clarified that the decentralized speech remains harmless and that the exploit was constricted to the SFM WBNB liquidity pool. He besides stated that the DEX’s squad has met with cardinal advisors and formulated a program to support token holders and the community.

Interestingly, the hackers reportedly attached a enactment successful 1 transaction hours aft the exploit, stating that they intended to instrumentality the exploited funds. According to PeckShield, the hackers person already returned 4000 Binance Coin (BNB) —worth implicit $1.2 million.

SFM has tanked connected the news, with the token down implicit 13% successful 24 hr trading.