Safemoon Crypto Project Hacked: Attackers Steal $8.9M Using Publicly-Available Token Burn Function

A hacker has made off with $eight.Nine million really worth of digital assets after exploiting a vulnerability within the BNB chain-based DeFi change Safemoon.

According to crypto security company Peckshield, the attacker exploited a public burn function brought in the modern day improve.

The function included a malicious program that allowed the hacker to compromise the task’s liquidity pool and drain nearly $9 million really worth of assets. Web3 developer DeFi Mark in addition explained that the attacker used the vulnerability to get rid of SafeMoon (SFM) tokens, causing an artificial spike within the token’s fee.

The attacker took benefit of the situation and bought off the tokens at an inflated price.

“The attacker used this function to take away SFM tokens from the Safemoon-WBNB Liquidity Pool, artificially raising the fee of SFM,” the crypto guru said. Safemoon describes itself as a network-driven DeFi protocol that functions a deflationary software token, SFM. It runs at the BEP-20 token popular, constructed on the Binance Smart Chain (BSC).

The undertaking turned into launched inside the first region of 2021 and came with several features such as static rewards, liquidity pool acquisition, and burn approach.

Notably, the assignment turned into formerly recommended via some of excessive-profile celebrities and social influencers inclusive of Jake Paul and Soulja Boy.

However, the challenge has been the center of scandals and legal issues as of overdue.

A lawsuit from February 2022 alleged that musicians such as Nick Carter, Soulja Boy, Lil Yachty, and YouTubers Jake Paul and Ben Phillips mimicked real-life Ponzi schemes by deceptive buyers to purchase SafeMoon (SFM) tokens beneath the pretext of unrealistic income.In May remaining yr, net detective Coffeezilla made a string of allegations against SafeMoon’s founder, lead developer, and CEO, claiming that the management used finances supposed for SafeMoon’s liquidity pool to complement themselves.

SafeMoon’s founder, who’s called Kyle and there is little or no information about him, allegedly copied the code of another smaller rug pull project called Bee Token to create SafeMoon.

In analyzing SafeMoon’s wallets and blockchain interest, the researcher found that founder Kyle had been slowly rug-pulling price range for the reason that begin. He said at the time:

“The total amount of SafeMoon that got here into Kyle’s pockets changed into 164 trillion tokens. Fast forward to mid-September to mid-December, this grossed him simply underneath $10.Three million.”

After Kyle stepped aside, Lead Dev Thomas “Papa” Smith took over because the project’s chief.

However, Coffeezilla found out in his research that Smith additionally took $143 million of the mission’s liquidity pool throughout 18 transactions.

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