Safemoon on BNB Chain: Hackers to Return Stolen Funds of $8.9 Million

04/18/2023 15:55 • Blockchain Buzz • 158 views

According to reports, the DeFi protocol Safemoon on BNB Chain stated that hackers will return 80% of the stolen funds of $8.9 million (approximately $7.1 million), with the remaining 20% reserved as a bounty.

SafeMoon hackers have agreed to return 80% of the stolen funds

Introduction

The DeFi protocol Safemoon on BNB Chain recently announced that they had been hacked, with the hackers stealing approximately $8.9 million in funds. However, the news that followed was quite unexpected – the hackers stated that they would return 80% of the stolen funds, with the remaining 20% being reserved as a bounty.

Background of the Safemoon Protocol on BNB Chain

Safemoon is a DeFi protocol that has been gaining widespread attention in the crypto industry. It was launched earlier this year and has quickly become a favorite for investors due to its unique tokenomics that reward holders and punish sellers. The protocol is built on the Binance Smart Chain (BNB Chain), which is known for its lower transaction fees compared to other chains.

The Hack and the Aftermath

On August 28, Safemoon announced on Twitter that they had been hacked, and approximately $8.9 million in funds had been stolen. The team at Safemoon immediately began working on resolving the issue and posted regular updates on their Twitter page to keep investors informed.
However, a few days after the announcement of the hack, the Safemoon team updated their tweet to announce that the hackers had contacted them and agreed to return 80% of the stolen funds. The remaining 20% would be reserved as a bounty for finding vulnerabilities in the protocol.

What This Means for Safemoon Investors

For the investors of Safemoon, the news of the hack might have been distressing. However, the decision of the hackers to return 80% of the stolen funds is a relief. It shows that the hackers might not have acted with malicious intent and are willing to make amends.
Additionally, the fact that the Safemoon team was able to work with the hackers to recover a significant portion of the stolen funds shows the strength of the community and the protocol. It is a testament to the team’s dedication and commitment to ensuring the safety of the protocol and its investors.

The Future of Safemoon on BNB Chain

The news of the hack might have caused a temporary setback for Safemoon on BNB Chain. However, the fact that the protocol was able to bounce back so quickly after the attack is commendable. It shows that the team is committed to building a robust and secure protocol that investors can trust.
The vulnerability disclosure program announced by the Safemoon team after the hack is a step in the right direction. It will encourage security researchers to identify and report vulnerabilities in the protocol, making it even more secure.

Conclusion

The hack of Safemoon on BNB Chain might have caused some anxiety among investors. However, the fact that the hackers have agreed to return 80% of the stolen funds and the quick recovery of the protocol is a testament to the strength of the team and the community. Moreover, the vulnerability disclosure program announced by the team shows their commitment to building a secure protocol that investors can rely on.

FAQs

Q. Has Safemoon been hacked before?

A. No, this is the first time that Safemoon has reported a hack.

Q. Will investors get their stolen funds back?

A. While the hackers have agreed to return 80% of the stolen funds, there is no guarantee that all investors will get their money back as the exact distribution is still unclear.

Q. Is Safemoon still a safe investment option?

A. While the hack might have caused some concern, Safemoon continues to be a popular investment option due to its unique tokenomics and the team’s commitment to its development and security.

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