SNEAK PEEK
- Safemoon agreed to a 20% bounty for stolen funds return.
- The hacker exploited a vulnerability in smart contracts.
- Safemoon decided not to file a lawsuit against the hackers.
Safemoon, the popular decentralized finance (DeFi) token, has announced that it has agreed with the hackers responsible for stealing $7.1 million in tokens. The agreement stipulates that the hackers will return the stolen funds and, in return, will receive a 20% bounty for discovering the vulnerability in the system.
#Safemoon has reached an agreement with the developers to return $7.1M that was taken. As part of the agreement, the hacker will receive 20% of the stolen funds as a bug bounty.@safemoon #developers #hacker #Crypto #CryptoNews #InvestorBites
— Investor Bites (@InvestorBites) April 19, 2023
According to reports, the hacker took advantage of the vulnerability in the smart contracts last month and depleted Safemoon’s liquidity pool. As a result, leading to a loss of SFM tokens worth approximately $9 million at the time. In response, the Safemoon team communicated with the community by sharing updates through on-chain transactions that can be easily accessed on the Binance Smart Chain block explorer.
In addition, based on a screenshot published on Twitter, Safemoon has agreed not to file a lawsuit against the hackers. After considering the circumstances, the team decided that it was in the best interest of the platform and the community.
Before confirming an agreement between the SafeMoon team and the attacker, several attempts were made to settle the issue. One such attempt occurred on March 29, when the attacker claimed that they had accidentally drained the funds.
The SafeMoon team responded by requesting the attacker’s Telegram handle so they could be contacted, but instead, the attacker provided an anonymous Outlook email address. The team then sent an email to the provided address at 12:33 UTC. After this exchange, there was no further communication between the two parties until the agreement was confirmed on April 18.