SafeMoon, a DeFi platform that operates on the Binance Smart Chain (BNB Chain) network, was hacked earlier today (March 29), with losses amounting to nearly $9 million.
According to BscScan, about $8.9 million was moved out of the Liquidity pool. Peckshield, a cybersecurity company has released information about a "burn bug" vulnerability created by a recent update of the platform, which leaked the admin key, facilitating the case. attack. Hackers blew up the price of SFM and paid enough tokens back to the pool in the same transaction, thereby draining WBNB from the contract and taking advantage of this to capture more than $8.9 million easily.
SafeMoon is a DeFi protocol that allows investors to earn profits through distribution, LP redemption and token burning. In the past, the project has been accused of pushing the price and releasing tokens, thereby profiting from investors' money.
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