SafeMoon Reaches Agreement With Hacker After $8.9M Hack
SafeMoon, a cryptocurrency known for its unique tokenomics, was the victim of a $8.9 million attack on Binance Smart Chain (BSC) in March 2021. The attacker used a weakness in the SafeMoon contract’s tokenomics to generate an additional 2.5 billion tokens and subsequently exchange them for Binance Coin (BNB). SafeMoon, on the other hand, recently reported that they had reached an arrangement with the hacker and recovered some of the stolen monies.
According to SafeMoon’s official Twitter account, the previously identified hacker promised to refund $2.47 million in BNB to the SafeMoon team. SafeMoon has agreed not to take legal action against the hacker in exchange for the money. After weeks of negotiations, the two parties came to this arrangement.
This is a huge development for SafeMoon and its community, as the hack caused the cryptocurrency’s price to plummet dramatically in the days following the attack. However, the SafeMoon team has been working relentlessly to retrieve the stolen cash and rebuild community faith in the project.
SafeMoon is a new cryptocurrency that was introduced in March 2021. It is based on the Binance Smart Chain and has garnered popularity due to its unique tokenomics. The SafeMoon contract levies a 10% fee on every transaction, with 5% going to existing token holders and the remaining 5% being burned forever, gradually diminishing the overall amount of SafeMoon.
The recent deal with the hacker is a great development for SafeMoon and its community because it demonstrates the team’s commitment to safeguarding the interests of its users. It is crucial to note, however, that the cryptocurrency sector is still largely uncontrolled, and hacks and security breaches are regular. As a result, before investing in any cryptocurrency, investors must exercise prudence and undertake due diligence.
SafeMoon’s deal with the hacker who stole $8.9 million in Binance Coin is a huge step forward for the cryptocurrency and its community. The recovery of part of the stolen monies demonstrates that the SafeMoon team is dedicated to defending its users’ interests and restoring faith in the project. However, investors should proceed with caution when investing in cryptocurrencies because the market is still largely unregulated and vulnerable to security breaches.
Author: Priyanka Priyadarshini Behera