Due to the Burn Bug, Safemoon was hacked for $9 million
Key Points:
- The BNB chain-based exchange Safemoon has been compromised.
- The majority of SFM tokens in the Safemoon liquidity pool could be burned by an exploiter, artificially raising the token’s price and allowing the contract’s WBNB to be depleted in a single transaction.
- The update was started by the deployer contract, which raised the possibility of an admin key leak.
According to on-chain data, the liquidity pool (LP) on the BNB chain-based exchange Safemoon was hacked today, draining about $9 million.
SafeMoon stated that it is attempting to resolve the issue, but offered few additional details. On his own Twitter account, SafeMoon CEO John Karony merely retweeted the initial announcement regarding the project.
Through redistribution, LP purchase, and token burning, SafeMoon, a DeFi-focused project, promises to give investors the chance to earn interest on their investments.
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Others have expressed their opinions, but SafeMoon has not revealed the cause of the incident. PeckShield claims that a public burn flaw was discovered in a contract update, allowing anyone to destroy tokens. The deployment contract prompted the update for PeckShield, raising the possibility of an admin key leak.
Peckshield confirmed that the hacker used a code function to artificially raise the price of SFM tokens and then sold enough tokens back to the liquidity pool in the same transaction to remove the WBNB from the contract.
According to BscScan, about $8.9 million in assets were moved out of the liquidity pool.
John Karony said:
“As you may be aware, on Tuesday 28 March, SafeMoon’s Liquidity Pool was compromised. We have taken swift action to resolve the situation and protect our community. I want to make clear that our DEX is safe. This ultimately affected the SFM:BNB LP pool.”
