Home Blockchain SafeMoon working to ‘rectify’ situation after $9M exploit, says CEO

SafeMoon working to ‘rectify’ situation after $9M exploit, says CEO

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safe moon (SFM) CEO John Karony issued a statement following the abuse of a decentralized financial exchange.

In an email sent March 29, Karony said SafeMoon is working to “fix” an exploit on March 28 that drained nearly $9 million from its liquidity pool through an LP exploit. said.

“We can confirm that we will be reintroducing liquidity to LP as soon as it becomes practical, but some account functionality may be restricted during this period. We will update the information, so we appreciate your understanding and cooperation.”

On March 28th, Safemoon suffered what blockchain security analysts called a “public burn bug.” Experts say the token could be burned, causing the price of the SFM token to rise.

SafeMoon fended off by allegations

But Safemoon has long dodged accusations of crude behavior since its inception.

In 2022, the project faced harsh criticism from YouTube host Coffeezilla, who accused the former CEO of the project, nicknamed “Kyle,” of fraud. Additionally, Coffeezilla defendant SafeMoon’s current CEO, John Karony, said he stole from the project.

SafeMoon is currently priced at $0.00021, down -11.87% in 24 hours trading.

SFM 1-day chart (Source: CryptoSlate)

The post SafeMoon is working to “fix” the situation after the $9 million exploit, saying its CEO first appeared on CryptoSlate.

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