SafeMoon

<p class="is-style-lead">On-chain tracking alarms about unusual $11.2 million transactions linked to a modified SafeMoon deployer contract, coinciding with the project’s bankruptcy proceedings.</p> 
<p>According to <a href="https://twitter.com/CyversAlerts/status/1756959386688237715" target="_blank" rel="noreferrer noopener">an X post</a> published by Cyvers Alerts, an unidentified entity made changes to <a href="https://crypto.news/tag/safemoon/" target="_blank" rel="noreferrer noopener">SafeMoon</a>‘s deployer contract, enabling the withdrawal of substantial liquidity from multiple pools.</p> 
<p>As of press time, the entity holds over $1.6 million in different tokens, including Wrapped BTC (<a href="https://crypto.news/price/wrapped-bitcoin/">wBTC</a>), Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="noreferrer noopener">USDT</a>), and Pepe (<a href="https://crypto.news/price/pepe/">PEPE</a>), with the remaining extracted liquidity transferred to <a href="https://crypto.news/tag/ethereum/">Ethereum</a>, <a href="https://crypto.news/tag/bnb-chain/" target="_blank" rel="noreferrer noopener">BNB Chain</a>, and <a href="https://crypto.news/tag/polygon/" target="_blank" rel="noreferrer noopener">Polygon</a>, according to <a href="https://etherscan.io/address/0x6f96042e6064ed5025b13a5b5b51702942cae537" target="_blank" rel="noreferrer noopener">data</a> from Etherscan.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨NEWS🚨Our system detected unusual transactions involving <a href="https://twitter.com/safemoon?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@safemoon</a>.<br>The deployer added an address as an approveLiquidityPartner at <a href="https://t.co/ayFhE3fAgN" target="_blank">https://t.co/ayFhE3fAgN</a>, which then removed liquidity from various pools, transferring $11.2M to <a href="https://t.co/thIHUqF3uW" target="_blank">https://t.co/thIHUqF3uW</a> on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>, <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BNB</a> and… <a href="https://t.co/iJofry10sj" target="_blank">pic.twitter.com/iJofry10sj</a></p>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1756959386688237715?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/new-york-judge-denies-bail-for-safemoon-ceo/"> New York Judge denies bail for SafeMoon CEO </a> </p> 
<p>Cyvers Alerts notes the unusual movements commenced after the entity whitelisted an external address for withdrawal purposes. It remains unclear whether these transfers are linked to the ongoing SafeMoon bankruptcy case. As of press time, SafeMoon has not made any public statements on the matter. Amid the news, SafeMoon’s <a href="https://crypto.news/price/safemoon/" target="_blank" rel="noreferrer noopener">SFM</a> token plunged by over 8%, according to CoinMarketCap.</p> 
<p>In mid-December 2023, SafeMoon <a href="https://crypto.news/safemoon-seeks-chapter-7-bankruptcy-amid-arrests-and-sec-allegations/" target="_blank" rel="noreferrer noopener">initiated</a> bankruptcy proceedings with the U.S. Bankruptcy Court in the District of Utah. The bankruptcy filing came shortly after the U.S. Securities and Exchange Commission (SEC) <a href="https://crypto.news/sec-charges-safemoon-and-founders-with-crypto-securities-fraud/" target="_blank" rel="noreferrer noopener">leveled</a> accusations against SafeMoon and its key executives, founder Kyle Nagy, CEO John Karony, and CTO Thomas Smith, for securities law violations.</p> 
<p>According to the SEC, the trio conducted a “massive fraudulent scheme,” allegedly manipulating SafeMoon’s market capitalization to $5.7 billion through tactics such as wash trading, deceptive marketing strategies, and misleading statements regarding liquidity lock-up timelines. While Karony and Smith have been arrested, Nagy remains at large.</p> 
<p> Read more: <a href="https://crypto.news/safemoon-hacked-for-nearly-9-million/"> SafeMoon hacked for nearly $9m </a> </p>

Unknown entity drains $11.2m in liquidity via SafeMoon deployer contract

crypto.news

Other articles published on Feb 12, 2024

Frax Share (FXS) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

New Jersey Takes Action Against Deepfakes and Social Media Harm

Franklin Templeton joins the spot Ethereum ETF race

Weekly Recap: Bitcoin, Binance, Ethereum, Solana… crypto news you shouldn’t miss!

Strategic Exploit: Crypto Traders Harvested $3 Billion From ‘Kimchi Premium’?

Ethereum Co-Founder, Jeffrey Wilcke, Sent 4,300 ETH ($10.7M) To Kraken Exchange

Join our free newsletter for daily crypto updates!