The SafeMoon token liquidity pool lost $8.9 million, after a threat actor took advantage of a recently developed “burn” smart contract function that artificially inflate the token price, enabling the actors to sell SafeMoon at a much higher price.
SafeMoon confirmed the incident, stating on Twitter that it was working to fix the issue. In another follow up announcement, the company’s CEO, John Karony, gave some details on the event, saying that the “DEX is safe” and that it “ultimately affected the SFM:BNB LP pool.”
“We have located the suspected exploit, patched the vulnerability, and are engaging a chain forensics consultant to determine the precise nature and extent of the exploit,” reads Karony’s statement.
“Users should be assured that their tokens remain safe. 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 announcement continues.
Details of the Exploit
PeckShield, a Blockchain security company has released more details in regard to the vulnerability exploited by the attackers to organize the $9 million heist against SafeMoon.
According to PeckShield, a new SafeMoon smart contract feature, that burns tokens was recently introduced. Unfortunately, the function was mistakenly implemented for public use with no restriction, enabling anyone to use it however they pleased.&n
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