Today, March 29, the Safemoon team announced that one of the service’s liquidity pools was compromised. The reason might be that the admin key was leaked. Estimated damage is $8.9 million.
Hack notification appeared on the official Safemoon Twitter page. Two hours later, the PeckShield Alert team published the result of their analysis of what happened.
By agency data, the exploiter exploited a loophole in the token burning mechanism. In this case, the operation was launched “from the inside”, which may indicate a key leak.
In fact, the hacker burned some SFM from the WBNB liquidity pool. This led to a jump in the cost of tokens, which the criminal took advantage of.
In the same transaction, he sold SFM at an inflated price. All remaining WBNBs were destroyed.
A few hours later, the hacker got in touch, leaving a message for the transaction. It says that the Safemoon hack was an accident and the attackers (the appeal says “we”) are ready to return the funds.
As a gesture of goodwill, they compensated 4 thousand BNB ($1.2 million). This has been confirmed by PeckShield. How the negotiations are progressing is still unknown.
After the news of the hack, the SFM rate fell by more than 30%. After the return of part of the funds, there was a slight correction, at the time of writing, the asset is trading at $0.0001934 (-15.55% in 24 hours).
Interestingly, some users accuse the administration of the protocol of ragpull. This is indicated by the leak of the key and the imaginary willingness of the hackers to negotiate. Yesterday, March 28, we reported a THORChain outage.
Source: Cryptocurrency
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