Hackers Attack DEX Safemoon on BNB Chain: What You Need to Know

03/29/2023 23:52 • Metaverse Matters • 128 views

According to reports, the official tweet from DEX Safemoon on the BNB chain said that it was attacked by hackers earlier today. According to BscScan’s online data, nearly $8.9 million of assets were transferred out of the liquidity fund pool. According to Peckshield, a security company, a recent update may have introduced a “public destruction bug” that facilitates hacker attacks. （TheBlock）

DEX Safemoon on the BNB chain has just been hacked, losing $8.9 million

Cryptocurrency exchange and trading platforms have been increasingly targeted by cybercriminals in recent months. The latest victim is DEX Safemoon on the Binance Smart Chain (BNB) network. According to reports, the exchange suffered a major hack earlier today, leading to the loss of nearly $8.9 million in assets from its liquidity fund pool. Here’s everything you need to know about the hack, its impact, and what the future holds for the platform.

What Happened?

In a tweet earlier today, DEX Safemoon confirmed that it had suffered a major security breach. According to the tweet, hackers were able to transfer nearly $8.9 million in assets out of the platform’s liquidity fund pool. This is a major blow to the platform, which has been growing in popularity in recent months.

How Did It Happen?

According to cybersecurity experts, the hack may have been facilitated by a recent update to the platform’s code. Peckshield, a security company specializing in blockchain-based systems, has identified a “public destruction bug” in the DEX Safemoon code that may have allowed the hackers to gain access to the liquidity fund pool. Although the full details of the attack are not yet known, it is clear that the hackers were able to take advantage of this vulnerability to steal a significant amount of assets from the platform.

What Is the Impact?

The impact of the DEX Safemoon hack is significant, both for the platform itself and for the wider cryptocurrency community. For the platform, the loss of nearly $8.9 million in assets is a major setback that will likely take some time to recover from. The company has yet to release a detailed statement on how it plans to address the issue and prevent similar attacks from happening in the future. For the wider cryptocurrency community, the hack serves as a stark reminder of the ongoing threat posed by cybercriminals to the security of the blockchain ecosystem.

What Happens Next?

At this time, it is unclear what actions DEX Safemoon will take in response to the hack. The company has not yet announced any plans to reimburse users for their lost assets or to implement any additional security measures to prevent future attacks. However, it is likely that the company will take some concrete steps in the coming days and weeks to address the issue and reassure investors that their funds are safe on the platform.

Conclusion

The DEX Safemoon hack is a sobering reminder of the ongoing threat posed by cybercriminals to the security of cryptocurrency platforms. While the exact details of the attack are not yet known, it is clear that the company will need to take significant steps to address the issue and prevent similar attacks from happening in the future. As always, investors should exercise caution when trusting their funds to any third-party platform and should only do so after conducting a thorough due diligence process.

FAQs

1. What is DEX Safemoon?
DEX Safemoon is a decentralized exchange (DEX) built on the Binance Smart Chain (BNB) network.
2. How was the hack able to occur?
The hack may have been facilitated by a “public destruction bug” in the platform’s code that allowed the hackers to gain access to the liquidity fund pool.
3. Will investors be reimbursed for their lost assets?
At this time, DEX Safemoon has not yet announced any plans to reimburse investors for their lost assets. It remains to be seen what steps the company will take in response to the hack.

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