On March 28, Safemoon Community skilled an assault on its BNB liquidity pool, leading to a lack of roughly $8.9 million. The assault exploited a defective good contract design that allowed any consumer to burn tokens from any tackle. The attacker siphoned SFM tokens from the Safemoon-WBNB liquidity pool, artificially elevating the SFM worth, and offered them into the identical liquidity pool at an inflated charge, wiping out the remaining WBNB.
SFM Value Dips and Stabilizes
Following the assault, the SFM token worth dropped by as much as 40% within the final 24 hours however has since stabilized. Coingecko’s newest market information exhibits that SFM traded at round $0.0001849, down by roughly 20% through the early London market. Regardless of the dip, the Safemoon (SFM) nonetheless has a market capitalization of about $106,958,984 and a 24-hour traded quantity of roughly $1.1 million.
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In response to John Karony, CEO at Safemoon, the community’s decentralized alternate (DEX) was unaffected by the current assault. Moreover, Karony said that the vulnerability had been patched, and the SafeMoon Pockets is secure and secured by Orbital Protect.
Most significantly, Karony assured Safemoon customers that their tokens are secure as different liquidity swimming pools weren’t affected.
The assault on Safemoon’s BNB liquidity pool was, nonetheless, an enormous blow to an ecosystem that’s down over 94 p.c from its ATH. Notably, SafeMoon V1 migrated to SafeMoon V2 in December 2021 with the identical authentic provide consolidated at a 1:1000 ratio. Mixed with token burns, the Safemoon military hopes the SFM worth will finally take the trip to the moon.