Safemoon liquidity pool (LP) compromises

A popular controversial meme coin is now again under a very big problem, as its liquidity pool is exploited by a hacker.

Safemoon is an infamous crypto project. In 2021, this crypto project gained huge popularity in the crypto sector because of the endorsement of many popular social media personalities like musicians such as Nick Carter, Soulja Boy, Lil Yachty, and YouTubers Jake Paul and Ben Phillips.

On 29 March 2023, the Safemoon project team informed that its Safemoon liquidity pool (LP) was compromised. Without providing any detailed information about this attack, the team confirmed that they are taking steps to solve the incident as soon as possible.

To the @SAFEMOON community: We want to inform you that our LP has been compromised.

We are taking swift action in an attempt to resolve the issue as soon as possible. Follow here for updates.

Thank you for your support as we work to address this situation.

— SafeMoon (@safemoon) March 28, 2023

A crypto Twitter user shared some important information on this issue and noted that the attacker burned the SFM token in huge amounts and that increased the price of this token artificially and then the hacker sold his SFM token holdings at a high price.

#Safemoon was just hacked for $8.9M.

After two minutes looking at the newest Safemoon contract, I was able to identify the extremely obvious exploit.

The attacker took advantage of the public burn() function, this function let any user burn tokens from ANY other address (code… pic.twitter.com/bovlyVoq1i

— DeFi Mark (@MoonMark_) March 28, 2023

So here we can say that it was not a hack attack, instead, there was a vulnerability in the Safemoon liquidity Pool and the hackers easily tricked the price of SFM token vua easily burning other’s SFM token holdings.

In Feb 2022, a safe moon (SFM) token investor filed a lawsuit against this token project & people who promoted this project. Through the lawsuit, the plaintiff claimed that the SFM coin team & promoters misled Investors & they did nothing over what they promised.
YouTuber Jack Paul was the top among the promoters of this meme token.

Flash loan attack on Euler Finance

Earlier this, Euler Finance, a popular Defi crypto lending platform faced a flash loan attack. Through the attack, the hacker successfully secured more than $190 million worth of crypto assets but later he returned 90% of the stolen funds to the Euler Finance team.

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