Safemoon hacker returns over $7M from stolen funds Safemoon hacker returns over $7M from stolen funds
Though the hacker has returned over $7 million of the funds, Safemoon's price remains unchanged despite the news.
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Updated: Apr. 20, 2023 at 9:37 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Safemoon hacker returned $7.2 million of the funds stolen from the protocol’s liquidity pool, blockchain analytical firm Peckshield reported.
According to Peckshield, the attacker returned the funds in two transactions during the early hours of April 20. The hacker first sent 10,000 units of BNB — worth $3.4 million — to Safemoon’s treasury wallet before transferring another 11,804 BNB — worth $3.8 million — to the same address.
On April 19, the DeFi protocol informed its community about these transactions. At the time, the Safemoon team said the attacker had successfully performed a 100 BNB test transaction that preceded the return of 80% of the stolen funds.
Safemoon added:
“Following this, SafeMoon tokens from a wallet with the address 0xdaa3b5ae0521264e55f45157eb6e158e1f3e5012 will be used to pair the BNB into the SFM:BNB liquidity pool.”
Safemoon had agreed that the hacker should keep 20% of the stolen $9 million in the best interest of its community and the project.
Since the incident, the project has come under heavy criticism, with many accusing it of rewarding criminal behavior and glossing over the hack.
Meanwhile, news of the returned funds did not impact Safemoon’s token price. The digital asset is down 3.3% in the last 24 hours and was trading for $0.000000006711 at the time of writing, according to CryptoSlate data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
SafeMoon
$0.00000
Safemoon protocol aims to create a self-regenerating automatic liquidity providing protocol that would pay out static rewards to holders and penalize sellers.
