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Safemoon chain11/30/2023 ![]() Using this bug, the attacker was able to artificially raise the price of the SFM token using a code function, and in the same transaction sold enough SFM tokens back to the liquidity pool to effectively drain the BNB from the contract. 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. "You're simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed," he said, advising that investors "steer clear-at least until a bit more is known about SafeMoon.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. SafeMoon's Facebook page tells buyers that they are rewarded "by simply holding and not selling," advising "remember getting to the moon takes time and the longer you hold the more tokens you pick up."īut Laith Khalaf, a financial analyst at investment platform AJ Bell, told The Express that SafeMoon "doesn't sound too different from a pyramid selling scheme". "People risk getting their fingers seriously burnt." ![]() "Predicting the point at which demand subsides and prices begin to fall is very difficult, if not impossible," Streeter added. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun that much of the demand is based on "traders hoping to benefit from future price rises rather than using the coins or tokens as a means of exchange." However, experts have said that this model of requiring more and more people to keep buying in order to drive up the price makes it a risky investment. SafeMoon rewards its users by issuing a 10 percent penalty fee on sellers and redistributing five percent of that to currency holders. Users need to set up a crypto wallet where their coins can be kept, with the organization recommending either Trust and Metamask. Those who want to purchase the currency, which like Bitcoin uses blockchain technology, have to buy a Binance Coin (BNB) first, and then essentially swap it for SafeMoon. "From the whole Safemoon team THANK YOU for coming on this journey and putting your trust in our hands." SafeMoon tweeted a positive message to its 378,000 followers which said: "We are so incredibly lucky to have the HOLDERS that have been with us day 1, we see you. SafeMoon Crypto to Be Available on Two New Exchanges, Creators Say.SafeMoon Drops As Creators Apologize Over AMA, Say New Exchanges Coming.As Dogecoin, SafeMoon Cryptos Gain Attention, Experts Warn of Risk. ![]()
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