Recently, Safemoon had suffered an exploit as a result of which millions of dollars in assets were stolen. Unexpectedly, the hacker behind the attack decided to return the funds in exchange for a bounty.
Hacker to return $7.1 million in stolen assets to Safemoon
The protocol of decentralized finance Safemoon should recover most of the crypto assets that have been stolen recently. This is what emerges fromnews leaked on tuesday April 18 by user, Twitter handle SafeMoonSpidey.
According to details he provided, the protocol developers agreed with the hacker to carry out the operation. As part of the latter, Safemoom should recover $7.1 million of the $8.9 million stolen.
It is expected that the shortfall, which represents about 20% of the total, benefits the hacker. A lesser evil that rewards the latter for his contribution to the identification of a security vulnerability. In addition, the developers of Safemoon have undertaken not to take legal action against the hacker.
This transaction closes nearly a month of concern over the prospects of SFM, Safemoon’s native crypto. In the early hours of the news of the hack, the crypto had plunged, losing nearly 20% of its valuation.
However, the situation was quickly reversed in the wake of a communication from John Karony, CEO of Safemoon, on Twitter. The boss notably indicated that the attack only reached Safemoon’s liquidity pool. Because of this, user wallets are safe.
This new development had a similar effect on Safemoon’s prices. Over the past 24 hours, these have increased by 2.8%. It remains to be hoped that further negative developments do not affect crypto prices.
Especially since in this period, the SEC is cracking down on the crypto industry. Recently, the stock market institution accused 8 American celebrities, including Jake Paul and Soulja Boy, of improperly promoting cryptos.
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