The hacker, who drained $9 million in assets from Safemoon Liquidity, returned $7.2 million in funds. a a report Cryptoanalytics firm Peckshield revealed that the exploiter returned funds in two consecutive transactions to the protocol’s vault wallet.
On April 19, Savemon Certain The fund returned, noting that the hacker first made a test transaction of 100 BNB before returning the rest. Also, the DeFi protocol agreed to let the hacker keep 20% of the stolen $9 million.
Safemoon Hacker returns 80% of the loot, and keeps 20% as a reward
Recall the DeFi Safemoon protocol Witnessed an attack On March 28, he saw $9 million withdrawn from the liquidity pool. The hack attack, described by blockchain security experts as a generic burn bug, caused SFM token burns, driving up the price. This vulnerability allowed the hacker to drain nearly $9 million in funds from the protocol’s liquidity pool.
Related reading: CNBC Argues Why Shiba Inu Will Overtake Dogecoin in One Year
Protocol had confirmed the attack on March 29 and reassured the community of its efforts to rectify the situation. Safmon also said it would update the community on the fund’s recovery.
Since the March hack, Safemoon has been working to recover the money and later confirmed that the hacker agreed to return it. savemon male The attacker will return 80% and keep 20% of the funds for the reward. This was after community members expressed their dissatisfaction with the lack of updates.
according to detailsThe hacker returned the funds in two transactions on April 20th. Send the first 10,000 BNB worth about $3.4 million and another 11,804 BNB worth $3.8 million to Safemoon’s treasury wallet.
Safemoon (SFM) token price surges amid refund news
Safemoon received heavy backlash community after the accident. Some accused the bailiff of rewarding criminal acts and turning a blind eye. This reaction affected SFM’s sentiment in the market, which led to a drop in the token’s price by nearly 12%, to $0.00021. However, SFM quickly recovered and began to increase again.
As of yesterday, April 19th, SFM token price It increased by 18.2%, closing at $0.00022026. At the time of writing, the SFM price is up 13% in the past 24 hours and is trading at $0.000205. This price action indicates that the news of the stolen money recovery has positively impacted the market sentiment for SFM tokens.
Huge money was lost to hacking exploits in the first quarter of 2023, says Certik
Similar attacks leading to huge losses of money have proliferated in the crypto ecosystem in recent years. According to Certik Quarterly reportBNB chain saw the most hack incidents in Q1 2023, while Ethereum lost the most.
Certik’s quarterly report showed that in the first quarter alone, crypto protocols lost more than $320 million due to exploits. Although the losses were well below the figures for the first quarter of 2022, they were still significant. According to the Certik report, the losses may be related to recent events in the traditional finance sector, such as the collapse of Silicon Valley Bank.
Certik noted that BNB Chain recorded 139 hacking incidents while Ethereum Chain lost $221 million in Q1 2023. Most of these losses occurred via flash loans or manipulative oracle exploits. Although the Protocols lost large portions of the funds, a massive recovery was made, including Safemoon’s $7.2 million refund.
Featured image from Pixabay and chart from TradingView.com