![]() ![]() 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. If an investor buys the v1 SAFEMOON token on an exchange that has not upgraded to Safemoon's v2 protocol, the v1 tokens will be taxed away, and the investor will receive nothing.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. This means that if anyone does anything with a v1 SAFEMOON token besides upgrade to v2, it gets taxed away. The Safemoon team discussed solutions in public, settling on a plan to lock out old wallets.On December 29, Safemoon imposed a 100% tax on v1 transactions with just hours of notice before changes went into effect. This means that as more wallets transitioned to v2, the reflections grow larger for remaining v1 holders.Īs of December 29, ~10% of Safemoon wallets had transitioned to v2 (not counting dust wallets). When wallets transitioned from v1 to v2, they paid the 10% tax, but the reflections for the transfers were paid to v1 holders. When the Safemoon team announced the v2 upgrade two weeks ago, they took an unusual approach to the transition. The project's v2 upgrade is unpopular among SAFEMOON holders because it is not fully audited, and currently it can be difficult to sell the v2 SFM token. It is believed that the Safemoon team is taking this money. According to DoxxLocker, "a deep flaw in the automatic liquidity system built into the contract allows the developers to withdraw the generated liquidity into other wallets." DoxxLocker believes that by August 2021, $68M in reflections had been mis-distributed from the v1 tax pool. Safemoon has been characterized as a scam coin due to its limited utility and sketchy smart contracts. Half of that tax is redistributed to SAFEMOON holders as "reflections," and the other half is sent to liquidity providers like PancakeSwap and exchanged for Binance coin (BNB) to increase liquidity. The project is unique in its transaction "tax" structure, where all SAFEMOON transactions are taxed at a 10% rate. Safemoon exploded in popularity in mid-2021, reaching a $6B market cap, before settling around $1B. Meme coin Safemoon (SAFEMOON) ( $800M market cap) is encouraging users to upgrade to its v2 SFE token by setting a 100% tax on v1 SAFEMOON transactions. ![]()
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