SafeMoon app update panned as distraction by community SafeMoon app update panned as distraction by community
The SafeMoon community grow frustrated over the lack of progress in response to the recent $9 million exploit.
2 min read
Updated: Apr. 17, 2023 at 10:36 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
SafeMoon’s latest post has been panned as a distraction by the community. It read: “New #SAFEMOON app builds submitted!”
Still no update on the hack
On March 28, a smart contract vulnerability was exploited — leading to $9 million of liquidity being drained from the protocol.
Since then, SafeMoon and company CEO John Karony have been active on Twitter. For example, Karony praised the community’s patience and support multiple times.
“The updates you are seeing today are truly just the beginning and I encourage you all to stay tuned to official SafeMoon channels for more exciting updates.“
Similarly, SafeMoon posted a lengthy “service update” on April 4 detailing several “big updates,” including details on readjusting to normality following the attack and updates to its “SWaP and Evolve” function.
However, approaching three weeks after the incident, there has been no update on the precise circumstances of the attack or whether the funds can be recovered — much to the community’s frustration.
Taking to social media, the community expressed their discontent over the lack of progress made to date.
SafeMoon community wants answers
In a Reddit post, the OP asked what “New #SAFEMOON app builds submitted!” means. Does this relate to a new app or changes to the native wallet?
Some replies flipped the post toward the recent exploit, with the most upvoted comment inferring that the update was meaningless and designed to distract from the hack.
“A distraction so we can all forget about the exploited $9M.”
Others ridiculed the new builds submitted as nothing more than “new fonts” and “a new icon.” One commenter summarized the general sentiment by saying the update means many things but ultimately will mean nothing.
Another Reddit post, titled “Do they think we’re idiots?” tackled the talking points head-on, with the OP saying, “It’s honestly unbelievable.”
Commentators echoed the OP’s point of view, with a common response being the loss of faith in the project.
Peak-to-trough losses since the hack amounted to 26%. SafeMoon is currently trading at approximately the same price as the daily opening price on March 28.
Nonetheless, SFM V2 is still down 94% from its $0.00338272 all-time high, achieved on Jan 5, 2022.
Posted In: Hacks
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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The SafeMoon Protocol V2 is a community-focused DeFi token that forms part of the expanding SafeMoon ecosystem.