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Safemoon Hacker Strikes Deal With Developers to Return $7.1M

The exploiter will retain 20% of the stolen funds as a bug bounty.

By Oliver Knight
AccessTimeIconApr 18, 2023 at 3:48 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
(Towfiqu Barbhuiya/Unsplash)

(Towfiqu Barbhuiya/Unsplash)

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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.

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    • 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.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter

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