SafeMoon’s Liquidity Pool in Jeopardy

In an unfortunate turn of events, the cryptocurrency project SafeMoon, once the darling of social media influencers and celebrities like Jake Paul and Soulja Boy, announced that its liquidity pool has met with a security breach. While details about the attack remain scant, the project has assured its community that measures are being put in place to alleviate the issue promptly.

The Messy Celebrity Connection

SafeMoon’s meteoric rise in popularity during 2021 was largely attributed to celebrity endorsements. However, this glamour quickly dimmed after a lawsuit surfaced in February 2022. Allegations pointed fingers at well-known figures, including Nick Carter and Lil Yachty, suggesting they misled buyers into investing in SafeMoon tokens with promises of sky-high returns. Such high-profile endorsements can sometimes feel like a double-edged sword—everyone loves a celebrity, but not every investment is glitter and gold.

How Much Did the Attacker Take?

While we use the term ‘hack’ lightly in our daily conversations (I mean, how often do we get our Netflix passwords back?), this one was no joke. The attacker managed to abscond with around 27,000 BNB, equating to a staggering $8.9 million. Not exactly pocket change. SafeMoon’s transparency has hit a snag, as it remains tight-lipped on the attack’s specifics, leaving many investors speculating and shaking their heads in disbelief.

Development or Disaster? The Software Upgrade Saga

In a plot twist that would make a daytime soap opera proud, blockchain investigator PeckShield pointed to a recent software upgrade as a likely culprit for the breach. This upgrade allegedly introduced a new public burn function that allowed users to burn tokens from other accounts. In layman’s terms, this vulnerability was the perfect storm for a crafty hacker looking to exploit the system and then sell their loot for a quick profit.