Safemoon Hacker Strikes Deal With Developers to Return $7.1M
The exploiter will retain 20% of the stolen funds as a bug bounty.
Apr 18, 2023 at 3:48 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/V42AF25WPBFHBNZBV6YQB4E224.jpg)
(Towfiqu Barbhuiya/Unsplash)
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.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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