The fallout from the collapse of SafeMoon’s liquidity pool on Mar. 28 continues as Gate.io suspends deposits and withdrawals of the token.
“Because the sensible contract of the SFM (SafeMoon) token has been attacked, Gate.io has suspended the deposit and withdrawal of SFM (SafeMoon) for the security of your belongings,” the corporate mentioned in a weblog publish dated Mar. 29.
SFM Exploit
The transfer comes after a public burn bug was allegedly compromised after a bug to take away SFM tokens from the SafeMoon WBNB Liquidity Pool led to the bogus inflation of the token’s worth.
In accordance with DeFi Mark, a Solidity developer who Tweeted concerning the assault, it was the “public burn operate” that was exploited and led to the tune of $8.9 million being drained from the liquidity pool.
SFM responds
Following the exploit, SafeMoon has assured its customers that it’s taking swift actions to resolve the difficulty. CEO John Karony has clarified that the decentralized alternate stays protected and that the exploit was restricted to the SFM WBNB liquidity pool. He additionally said that the DEX’s group has met with key advisors and formulated a plan to guard token holders and the neighborhood.
Curiously, the hackers reportedly connected a observe in a single transaction hours after the exploit, stating that they meant to return the exploited funds. In accordance with PeckShield, the hackers have already returned 4000 Binance Coin (BNB) —value over $1.2 million.
SFM has tanked on the information, with the token down over 13% in 24 hour buying and selling.
The publish Gate.io suspends withdrawals of SafeMoon following public burn bug exploit appeared first on CryptoSlate.
