HomeAltcoinsSafeMoon hacker returns $7.1m of $9m stolen funds, keeps 20%

SafeMoon hacker returns $7.1m of $9m stolen funds, keeps 20%

A hacker who drained approximately $9million from the SafeMoon liquidity pool last month has returned $7.1m of the stolen loot, according to blockchain security company, PeckShield.

Yesterday, SafeMoon confirmed the recovered crypto and revealed that the hacker had tried a 100 BNB test transaction first – before keeping 20% worth of the stolen $9m as a bounty. It’s been revealed that the thief returned the millions in two transactions to the SFM treasury wallet.

The attack on the decentralized finance (DeFi) protocol happened on 28 March when the hacker took advantage of a flaw in the SFM smart contracts. It then caused the SFM price to fall sharply from $0.0002326 to $0.0001891, a decline of nearly 19%.

SafeMoon have since stated that they won’t press charges against the hacker, leading to anger from the SafeMoon community.

They have since tweeted: “SafeMoon will shortly be distributing the retrieved LP into the SafeMoon Bridging Liquidity Pools (BNB, POLYGON, ETH). This seeding may take place in incremental stages.

“As part of regular ongoing maintenance and healthy operational procedures, SafeMoon may look to re-balance / re-distribute liquidity across multiple chain pairings over time.”

At the time of writing, SafeMoon was trading at $0.0002146 – up 2.2% in the past 24 hours according to CoinMarketCap. It’s ranked at number 2,780 with a market cap of $120m.

Jo is an experienced Head of News with an eye for spotting the latest key trends in the market and jumping on them. She has previously worked in New York and London as Editor for two crypto exchanges where she managed large teams of writers covering every aspect of the digital asset space. She has also added feathers to her cap with senior editorial roles at the Financial Times and News UK, which has equipped her with the nous to steer a newsroom through the constantly changing world of crypto. With her passion for breaking news, together with a well-connected network of industry contacts, she is perfectly placed to push the buttons at the helm of the CoinNews headline desk.

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