SafeMoon working to ‘rectify’ situation after $9M exploit, says CEO SafeMoon working to ‘rectify’ situation after $9M exploit, says CEO
Karony said that SafeMoon was working to "rectify" the situation following a public burn bug take over the LP.
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Updated: Mar. 29, 2023 at 9:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
SafeMoon (SFM) CEO John Karony has issued a statement following the exploit of the decentralized finance exchange.
In an email sent on March 29, Karony said that SafeMoon was working to “rectify” the exploit that saw almost $9 million in funds drained from the liquidity pool on Mar. 28 due to an exploit of its LP.
“We can confirm that we will be reintroducing liquidity to our LP as soon as is practical, but some account features may be limited during this period. We will keep our community updated in the coming hours and days and thank you all once more for your patience and understanding.”
On March 28, SafeMoon suffered what blockchain security analysts dubbed a “public burn bug,” which experts said allowed tokens to be burned, leading to a price increase of the SFM token.
SafeMoon dodged by allegations
Since its inception, however, SafeMoon has long dodged accusations of sketchy behavior.
In 2022, the project faced severe criticism from Coffeezilla, a YouTube host who accused the project’s former CEO, referred to as “Kyle,” of fraudulent activity. Additionally, Coffeezilla accused SafeMoon’s current CEO, John Karony, of stealing from the project.
The current price of SafeMoon is $0.00021, down -11.87% in 24-hour trading.
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Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
