Hackers have stolen $8.9M from the Safemoon Crypto Project.
The hackers removed all SFM tokens, causing a price spike.
Safemoon is a DeFi protocol that features a deflationary utility token, SFM. The protocol is based on the BEP-20 token standard, built on the Binance Smart Chain.
- The project was launched in the first quarter of 2021 and had features such as static rewards, liquidity pool acquisition, and burn strategy.
- The project was endorsed by influencers such as Jake Paul and Soulja Boy.
- To remove all SFM tokens, the hacker used a security flaw caused by the latest Safemoon blockchain upgrade.
- All of the tokens were removed instantly in a single transaction.
- According to some users, the hacker took advantage of the public burn function, which lets users burn tokens from any address.
