SafeMoon

As hackers exploited a flaw in the Safemoon token liquidity pool&#39;s smart contracts on Wednesday, the pool lost approximately $9 million worth of tokens.Blockchain data reveals that a number of tokens were exchanged in a single transaction early on Wednesday, leading to the attacker&#39;s theft of billions of Safemoon&#39;s SFM tokens that were locked on an LP. A collection of tokens secured by a smart contract makes up a liquidity pool. Without the use of intermediaries, decentralized lending, borrowing, and trading between users is made possible through liquidity pools.SFM tokens for Safemoon experienced a 40% decline in early Asian hours before somewhat recovering at the time of writing. Fee reflection, LP acquisition, token burn, and growth fund are the four activities that Safemoon, a decentralized finance (DeFi) token, performs throughout each trade. As a result, Safemoon has become one of the top gainers in the 2021 bull market.Developers of Safemoon reported a compromise with their liquidity pair (LP) on Wednesday. We regret to notify you that the integrity of our LP has been compromised. Developers wrote, &#34;We are moving quickly to address the issue as soon as feasible.In a subsequent tweet, Safemoon CEO John Karony explained that the exploit was exclusive to one LP on the BNB Chain. &#34;Let me be clear: Our DEX is secure. The SFM:BNB LP pool was ultimately impacted by this, according to Karony. In order to ascertain the specific nature and scope of the alleged attack, a chain forensics consultant has been hired. We have also patched the vulnerability.A flaw in the burn feature of Safemoon&#39;s smart contracts was cited by some developers as a major factor in the vulnerability. The Dappd CEO DeFi Mark tweeted, &#34;The attacker took use of the public burn function. This function let any user burn tokens from ANY other address (code attached).&#34;

Safemoon LP Exploited for $8.9M; SFM Tokens Remain ‘Safe,' CEO Says

ItsBitcoinWorld

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