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The DeFi Protocol SafeMoon Reached an Agreement With Cyber Criminals

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ByHarper Stewart

Jun 5, 2023
The DeFi Protocol SafeMoon Reached an Agreement With Cyber Criminals
Harper Stewart
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The assailant that stole $8.9 million from SafeMoonagreed agreed to repay 80% of the money.

The decentralized finance (DeFi) protocol called SafeMoon has recently come to a resolution with the hackers who had breached its security at the end of March this year, making away with approximately $9 million in cryptocurrencies.

On March 28th, a liquidity pool for SafeMoon tokens suffered a significant loss of $8.9 million due to a security breach by unknown hackers. It appears that the hackers exploited a newly added “burn” smart contract feature, which caused an artificial inflation in the price of the SFM cryptocurrency. This artificial price increase allowed participants to sell their SFM tokens at a much higher profit than usual, resulting in a significant loss for the liquidity pool.

The Agreement With Attackers

The SafeMoon project team received a message from the hackers a few hours after the attack. In the message, the attackers claimed that the assault was unintentional and proposed to reach out to the team.

Following the theft of approximately 4,000 Binance coins (BNB), valued at $1.2 million, the perpetrators quickly transferred the funds to another address. This move, surprisingly, improved the SMF rate.

The Official Terms of Returning the Stolen Funds

On the evening of April 18th, SafeMoon sent a transaction to the hackers notifying them that an agreement had been reached regarding the stolen funds. As per the agreement, the hackers will be returning 80% of the stolen funds while keeping the remaining 20% as a reward.

Additionally, SafeMoon has agreed not to file any legal action against the hackers. This indicates that SafeMoon has chosen to resolve the issue amicably rather than engage in costly legal proceedings.

 
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Harper Stewart

With a deep understanding of the complexities of the Dark Web, Harper curates informative and thought-provoking content for our readers. Her knowledge of the hidden corners of the internet and cybersecurity helps shed light on the often mysterious and illicit activities that take place in this realm.