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Jake Paul-endorsed SafeMoon gets hacked after introducing bug in upgrade

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SafeMoon, a project previously endorsed by A-list celebrities and social influencers such as Jake Paul and Soulja Boy, has announced that its liquidity pool (LP) has been compromised. Without revealing more details about the attack, SafeMoon confirmed that it had taken steps “to resolve the issue as soon as possible”.

Just like many other crypto projects in 2021, SafeMoon has been endorsed by many celebrities. However, a February 2022 lawsuit alleged that musicians such as Nick Carter, Soulja Boy, Lil Yachty, and YouTubers Jake Paul and Ben Phillips were imitating real-life Ponzi schemes by tricking investors into buying SafeMoon (SFM) tokens under the guise of unrealistic profits. .

Jake Paul promotes the SafeMoon token in 2021. Source: Twitter

The SafeMoon hack investigation shows that the attacker took away around 27,000 BNB (BNB), worth $8.9 million. SafeMoon has not yet responded to Cointelegraph’s request for comment. Additionally, users were blocked from posting comments on the announcement that exposed the LP compromise.

Blockchain investigator Peckshield narrowed the issue down to a recent software update as the potential culprit that introduced the bug. A public burn() function introduced in the latest update would allow users to burn tokens from other addresses.

As explain by DeFi community member Mark, the attacker used the vulnerability to remove SFM tokens, causing the price of the token to artificially rise. The striker took advantage of the situation and sold the tokens at an inflated price.

Introducing the SafeMoon exploit. Source: Peckshield

The attacker, on the other hand, left a note with the transaction, as shown above, stating:

“Hey, relax, we accidentally launched an attack on you, we would like to return the fund to you, set up a secure communication channel, let’s talk about it.”

Until SafeMoon officially announces a resolution, investors are advised against investing in the project to avoid possible loss of funds.

Related: New crypto litigation tracker highlights 300 cases from SafeMoon to Pepe the Frog

Following a recent security incident related to illicit access to hot wallets, Bitcoin (BTC) ATM maker General Bytes plans to refund customers who have lost funds.

As Cointelegraph reported, the hack caused a loss of 56 BTC and 21.82 Ether (ETH), with a cumulative value of nearly $1.9 million.

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