The liquidity pool for the DeFi undertaking SafeMoon has been compromised, based on a March 28 assertion by the undertaking on Twitter.
The undertaking mentioned it’s taking steps to resolve the difficulty however gave few different particulars on the matter. The last word reason for the incident continues to be unknown, and it’s unclear how a lot cryptocurrency —- if any — has been stolen or recovered.
SafeMoon CEO John Karony (aka Captain Hodl) additionally retweeted the undertaking’s preliminary assertion on his personal Twitter account with out additional remark.
The compromise comes at an inopportune time: SafeMoon lately promoted its safety product, Orbital Defend. Although the difficulty doesn’t appear to be associated on to Orbital Defend, the incident might not encourage confidence within the undertaking’s wider safety efforts.
SafeMoon’s native token (SFM) doesn’t seem to have been inside the hour following the information. As of 11:15 p.m. UTC on March 28, the token was down simply 0.4% over the previous hour. Nevertheless, the token has misplaced most of its worth since its January 2022 launch.
SafeMoon is a DeFi-focused undertaking that goals to supply buyers a method to earn curiosity of their funding by means of redistribution, LP acquisition, and token burns.
The submit SafeMoon’s liquidity pool compromised appeared first on CryptoSlate.