According to the latest data, it appears that the blockchain platform SafeMoon’s exploitation was facilitated by the platform’s recent upgrade that introduced a “public burn bug.”
On March 29, the on-chain analytic platform PeckShield Inc. shared a Twitter thread on its official page, declaring that the upgrade’s public burn bug led to the exploit, supposedly initiated by an admin key leak:
Previously, it was revealed that nearly $9 million in tokens were drained out of the exchange following the exploitation when the attackers manipulated a fabricated feature on the platform’s smart contracts.
Subsequently, SafeMoon updated its Twitter page with the information that the platform’s liquidity pool has been compromised, adding:
According to PeckShield, the hacker manipulated the price of the SFM tokens using a code function and facilitated the sale of enough tokens back to the liquidity pool resulting in the extraction of the remaining WBNB in the pool.
Significantly, PeckShield added:
Nonetheless, the hackers declared after some hours that they are willing to return the fund, following which it was reported that the attackers have already sent 4000 BNB equivalent to $1.2 million.
The post SafeMoon’s Upgrade Facilitated its Exploitation, Says Analyst appeared first on Coin Edition.
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