SafeMoon (SFM) has cut a deal with the hacker who reportedly exploited the company’s liquidity pool last month.
SafeMoon, a decentralized finance (DeFi) and blockchain technology company, says it negotiated with the hacker to return 80% of the reported $8.9 million worth of Binance Coin (BNB) the hacker stole from the project’s liquidity pool.
According to Twitter user SafeMoonSpidey, who tracks SafeMoon, the hacker will receive a bounty of 20% of the stolen trove and will not be charged.
SafeMoon (SFM) is the rebranded follow-up to SafeMoon (SAFEMOON), a so-called meme coin that initially skyrocketed after launching to great fanfare due to celebrity hype in March of 2021 before crashing two months later.
The original incarnation of the project has faced three class-action lawsuits, and Bloomberg Law reported last year that the founders of SafeMoon LLC were accused of defrauding investors for hundreds of millions of dollars via artificial price inflation after it was revealed that network transaction fees were not actually locked in liquidity pools as stated.
SFM is trading at $0.000206 at time of writing. The 264th-ranked crypto asset by market cap is down more than 2% in the past 24 hours. It is also nearly 94% down from its all-time high of around $0.00338, which it hit in January 2022.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney