2 years ago
A nationalist burn() relation introduced successful the latest upgrade allegedly allows users to pain tokens from different addresses.
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SafeMoon, a task antecedently endorsed by A-list celebrities and societal influencers specified arsenic Jake Paul and Soulja Boy, announced its liquidity excavation (LP) was compromised. Without revealing further details astir the attack, SafeMoon confirmed undertaking steps “to resoluteness the contented arsenic soon arsenic possible.”
Just similar galore different crypto projects successful 2021, SafeMoon was backed by galore celebrities. However, a suit from Feb. 2022 alleged that musicians specified arsenic Nick Carter, Soulja Boy, Lil Yachty and YouTubers Jake Paul and Ben Phillips mimicked real-life Ponzi schemes by misleading investors to acquisition SafeMoon (SFM) tokens nether the pretext of unrealistic profits.
Jake Paul promoting SafeMoon token successful 2021. Source: TwitterInvestigating the SafeMoon hack shows that the attacker made distant with astir 27,000 BNB (BNB), worthy $8.9 million. SafeMoon has not yet responded to Cointelegraph’s petition for comment. Moreover, users person been barred from posting comments connected the announcement that revealed the LP compromise.
To the @SAFEMOON community: We privation to pass you that our LP has been compromised.
We are taking swift enactment successful an effort to resoluteness the contented arsenic soon arsenic possible. Follow present for updates.
Thank you for your enactment arsenic we enactment to code this situation.
Blockchain researcher Peckshield narrowed the occupation to a caller bundle upgrade arsenic a imaginable culprit that introduced the bug. A nationalist burn() relation introduced successful the latest upgrade allegedly allows users to pain tokens from different addresses.
As explained by assemblage subordinate DeFi Mark, the attacker utilized the vulnerability to region SFM tokens, causing an artificial spike successful the token’s price. The attacker took vantage of the concern and sold disconnected the tokens astatine an inflated price.
SafeMoon exploit overview. Source: PeckshieldThe attacker, connected the different hand, near a enactment on with the transaction, arsenic shown above, stating:
“Hey relax, we are accidently frontrun an onslaught against you, we would similar to instrumentality the fund, setup unafraid connection transmission , lets talk.”Until SafeMoon officially announces a resolution, investors are advised against investing successful the task to debar imaginable nonaccomplishment of funds.
Related: New crypto litigation tracker highlights 300 cases from SafeMoon to Pepe the Frog
Following a caller information incidental related to illicit entree to blistery wallets, Bitcoin (BTC) ATM shaper General Bytes plans to reimburse customers that mislaid funds.
On March 17-18th, 2023, GENERAL BYTES experienced a information incident.
We released a connection urging customers to instrumentality contiguous enactment to support their idiosyncratic information.
We impulse each our customers to instrumentality contiguous enactment to support their funds and https://t.co/fajc61lcwR…
As Cointelegraph reported, the hack caused a nonaccomplishment of 56 BTC and 21.82 Ether (ETH), cumulatively worthy astir $1.9 million.
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