Blockchain security firm PeckShield, however, said its investigation pointed to a recent software upgrade - which introduced a public burn function that allowed users to burn tokens from other addresses - as the potential culprit to introduce the bug. I also want to assure you that the SafeMoon Wallet, secured by Orbital Shield, continues to be a safe place to store your crypto.”Īlthough Karony did not reveal how the exploit happened, SafeMoon had already “located the suspected exploit” and patched the vulnerability. “I want to assure you that the other LP pools on the DEX have not been affected, and nor have any of our upcoming upgrades and releases. The CEO of the decentralized exchange (DEX), John Karony, assured users that the platform had “taken swift action to resolve the situation”, and that the exploit only affected the SFM:BNB liquidity pool. While SafeMoon did not release a lot of information regardin the exploit, on-chain data shows the attacker was able to transfer approximately 27,000 BNB tokesn (around $8.9 million) out of its liquidity pool. Whether the project can sustain its momentum is another story.The liquidity pool (LP) of BNB Chain-based crypto exchange SafeMoon has been compromised, with the attacker draining close to $9 million worth of assets from the platform, the company said via Twitter on 29 March. As the SAFEMOON token peaked, its search queries on Google trumped “DeFi” searches by 100 to 1. If nothing else, Safemoon has certainly succeeded in drawing attention to itself. The speed at which the protocol’s token has gained value has traders like Cantering Clark saying the project is “the epitome of unsophisticated, new market participant, herd behavior in chart form.” 20 tweet from the company, alluding to the speed at which the protocol has entered the crypto scene. “Rome wasn’t built in a day, #SAFEMOON was,” read an Apr. For context, MakerDAO, which was founded in 2015 and is arguably the first DeFi protocol,, has a Reddit community of 24.4K members. Safemoon’s Reddit has over 113K members despite being started little over a month ago. The Safemoon team calls the last feature, the “Automatic Liquidity Pool,” its “secret sauce” which “sucks up tokens from sellers and buyers alike, and adds them to the LP (liquidity provider) creating a solid price floor.” Again, details of the functionality are omitted. Safemoon’s second feature, “manual burns,” will be “controlled by the team and promoted based on achievements helps to keep the community rewarded and informed.” Details on the conditions for the token burns aren’t outlined in the whitepaper section. The first is “static rewards,” which “aim to alleviate some of the downward sell pressure” and “encourages holders to hang onto their tokens to garner higher kick-backs.” The mechanism’s specifications aren’t addressed, though the project says they are dependent on the token’s trading volume. The Safemoon website’s whitepaper section lists three main features of the protocol. Owning 10M of the token at its peak meant owning $93 of SAFEMOON. The posters claimed to be millionaires and billionaires thanks to their Safemoon holdings. The all-time high was fueled by Zoomers shilling the token on Tik Tok. The token, whose platform’s only use case is to provide mechanisms to manipulate its price, is 54% below its high of $0.0000093 at the time of writing. Safemoon, a Binance Smart Chain token, soared by 16 times in the past week driven by TikTok videos, only to immediately whiplash holders as it went on a dizzying ride that has halved its value.
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