Safemoon Hacker Strikes Deal With Developers to Return $7.1M
Featured SpeakerBowTiedBull
PresidentBowTied Jungle
The pseudonymous investor BowtiedBull explores the BowtiedJungle, where citizens swap advice on investing, job-seeking, …
:format(jpg)/www.coindesk.com/resizer/fczAGHsWLFXiMV23oZZmkW19Ots=/arc-photo-coindesk/arc2-prod/public/D4HEG34XFVFVJHPXEEJAEFZ3SI.jpg)
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Featured SpeakerBowTiedBull
PresidentBowTied Jungle
The pseudonymous investor BowtiedBull explores the BowtiedJungle, where citizens swap advice on investing, job-seeking, …
A hacker who exploited decentralized-finance protocol Safemoon has agreed to return 80% of the stolen funds valued at $7.1 million, according to on-chain data posted by pseudonymous Twitter user SafeMoonSpidey.
The exploit occurred last month when a hacker drained Safemoon’s liquidity pool of nearly $9 million worth of SFM tokens after manipulating a flaw in the smart contracts.
Safemoon developers updated the community in on-chain transactions that can be viewed on the Binance Smart Chain block explorer.
The two parties agreed on a 20% bug bounty to be awarded to the hacker. Safemoon developers also confirmed that no charges will be filed against the hacker.
Safemoon’s SFM token has risen by 2.8% over the past 24 hours.
SFM was one of the top-performing tokens during the 2021 bull market after it was endorsed by a number of celebrities. Last month, social-media personality and professional boxer Jake Paul and five other celebrities agreed to pay a combined $400,000 to settle a lawsuit bought by the U.S. Securities and Exchange Commission for touting the coin without disclosing they were paid to do so.
Edited by Stephen Alpher and Mark Nacinovich.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
