Close Menu
    X (Twitter)
    Blockchain Journal
    • News
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • NFT
      • DeFi News
      • Polkadot News
      • Chainlink News
      • Ripple News
      • Cardano News
      • EOS News
      • Litecoin News
      • Monero News
      • Stellar News
      • Tron News
      • Press Releases
      • Opinion
      • Sponsored
    • Price Analisys
    • Learn Crypto
    • Contact
    • bandera
    Facebook X (Twitter) Instagram
    Blockchain Journal
    Home » DEX SafeMoon Exploited for $9 Million

    DEX SafeMoon Exploited for $9 Million

    0
    By Atiq Ur Rehman on March 29, 2023 DeFi News, News
    hacker
    Share
    Facebook Twitter LinkedIn Pinterest Email

    SafeMoon, a decentralized exchange (DEX) on BNB Chain, is the latest victim of DeFi hacks as hackers siphoned off nearly $9 million from a liquidity pool of the platform.

    SafeMoon developer, on late Tuesday, March 28th, announced to the community that one of its platform’s liquidity pools (LPs) has been compromised. The announcement read:

    “To the @SAFEMOON community: We want to inform you that our LP has been compromised.

    We are taking swift action in an attempt to resolve the issue as soon as possible. Follow here for updates.”

    To the @SAFEMOON community: We want to inform you that our LP has been compromised.

    We are taking swift action in an attempt to resolve the issue as soon as possible. Follow here for updates.

    Thank you for your support as we work to address this situation.

    — SafeMoon (@safemoon) March 28, 2023

    The Recent Update Introduced a Bug

    According to the blockchain security firm PeckShield, the last update to the SafeMoon might have introduced a so-called public burn bug. The firm believes that this bug enabled the hacker to burn most SFM tokens in the Safemoon SFM/BNB LP pool, artificially raising the token’s price so the contract’s WBNB could be drained in one transaction.

    Hi @safemoon The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?) And here comes the upgrade tx. https://t.co/ffAhm9qhgG https://t.co/KYEiYxMRII pic.twitter.com/9CQhseircP

    — PeckShield Inc. (@peckshield) March 28, 2023

    John Karony, on Wednesday, March 29th, confirmed the exploit and noted that the incident only affected the SFM: BNB LP. All other LPs and the SafeMoon protocol are safe, and the engineering team has patched the vulnerability.

    Karony said:

    “In the hours since, our team has met with key advisors to agree on a plan that protects token holders and the community. 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.”

    The protocol’s native SFM token jolted down as it has fallen more than 16% in the last 24 hours.

    The Hacker is Ready to Return the Funds

    In an interesting development some hours later, PeckShield shared a screenshot of BscScan data of a transaction involving the SafeMoon hacker. In the note, the hacker said they had accidentally attacked the protocol and were ready to negotiate and return the funds. The note reads:

    “Hey, relax, we accidentally frontrun an attack against you, we would like to return the fund, setup secure communication channel, lets talk.”

    #PeckShieldAlert Safemoon exploiter: Hey relax, we are accidently frontrun an attack against you, we would like to return the fund, setup secure communication channel , lets talkhttps://t.co/ylHpIiFmrl
    And the exploiter has transferred 4k $BNB to 0x237d5https://t.co/45wnrxzixa pic.twitter.com/BMxHOBvbjF

    — PeckShieldAlert (@PeckShieldAlert) March 29, 2023

    However, there is no update or confirmation on whether the SafeMoon team is in talks with the hacker/s.

    DeFi hacks Featured SafeMoon
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Atiq Ur Rehman
    • X (Twitter)
    • LinkedIn

    Atiq is a Electronics Engineer with a passion for writing about disruptive technologies, including blockchain. With a deep understanding of the technical aspects of emerging technologies and their potential to transform industries, this author brings a unique perspective to the world of cryptocurrency and blockchain.

    Related Posts

    Hyperliquid’s USDH stablecoin call sparks fairness and governance debate

    September 5, 20253 Mins Read

    SharpLink to explore staking part of its $3.6 billion ETH treasury on Linea

    September 5, 20253 Mins Read

    Strategy Inc.’s path to the S&P 500 faces committee discretion, extreme volatility, and Bitcoin-dependent results

    September 5, 20253 Mins Read

    Coinbase accelerates toward a majority of AI-generated code amid a global trend

    September 5, 20253 Mins Read

    World Liberty Financial Blocks Justin Sun’s Wallet Amid WLFI Controversy

    September 5, 20253 Mins Read

    SEC bets on a pro-crypto agenda with a series of rulemakings on digital assets

    September 5, 20252 Mins Read

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 Blockchain Journal

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.