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Bitcoin

Safemoon Hacker Strikes Deal With Developers to Return $7.1M

By admin
0 202

Safemoon Hacker Strikes Deal With Developers to Return $7.1M

A hacker that exploited decentralized finance (DeFi) protocol Safemoon has agreed to return 80% of the stolen funds valued at $7.1 million, according to on-chain data posted by Twitter user SafeMoonSpidey.

The exploit occurred last month when a hacker drained the Safemoon liquidity pool of nearly $9 million worth of SFM tokens after manipulating a flaw in the smart contracts.

Safemoon developers updated the community within on-chain transactions that can be viewed on the Binance smart chain (BSC) block explorer.

The two parties agreed on a 20% bug bounty to be awarded to the hacker. Safemoon developers also confirmed that no charges will be filed against the hacker.

Safemoon’s token (SFM) has risen by 2.8% over the past 24-hours.

SFM was one of the top performing tokens during the 2021 bull market after receiving endorsement from a number of celebrities. Internet-famous Jake Paul, among others, in December were sued by the SEC for touting the token.

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