SafeMoon community frustrated over meaningless updates after $9M contract exploit SafeMoon community frustrated over meaningless updates after $9M contract exploit
The SafeMoon community and investors took to Reddit to vent their annoyance at the repetitive, hollow progress updates.
2 min read
Updated: Apr. 12, 2023 at 10:00 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The SafeMoon community has slammed a meaningless update on the recent $9 million exploit.
On March 28, the SafeMoon protocol suffered a contract vulnerability exploit. The vulnerability, known as the “public burn bug,” enabled people with sufficient knowledge to drain liquidity from the platform.
Company CEO John Karony issued a statement the following day, saying his team had patched the exploit. He called on users to stay patient and assured them their funds were safe.
SafeMoon community unimpressed
Since Karony’s statement, SafeMoon has issued six statements — on March 29, March 30, March 31, April 3, April 4, and April 11 — most of which followed a similar structure and format.
The latest statement continued calling for patience while pointing out that “great progress” had been made — as detailed in an update last week. It ended by teasing “exciting new products” in the pipeline.
“As we continue working on the recovery of the LP funds, we appreciate that this is a challenging situation and that people might feel frustrated.”
The company disabled Twitter replies on March 28 — the day of the liquidity exploit. However, the SafeMoon community has been venting their frustration on Reddit.
In a Reddit post on the matter, one Redditor doubted whether SafeMoon could recover the lost funds.
“If they haven’t recover [sic] the money by now, it means they never will. They can’t reverse the transfer.”
A multitude of other users slammed the repetitive updates that seemingly led nowhere. The frustration was apparent from one user who questioned the team’s efforts to restore normality.
“What detailed update from last week is he talking about. This is literally the same blah blah blah message.”
Long-running controversies
In September 2021, following a series of missed product release deadlines, the then CTO, Hank Wyatt, resigned — throwing the project’s future in jeopardy.
By April 2022, several scandals emerged, including paid influencers pumping and dumping the token and allegations of senior team members stealing funds — with on-chain sleuthing suggesting Thomas “Papa” Smith had pocketed $143 million.
SFM fell 24% in value since the exploit. The token is down 95% from its all-time high of $0.00338272, 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.