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SafeMoon working to ‘rectify’ situation after $8M exploit, says CEO

SafeMoon (SFM) CEO John Karony has issued a statement following the exploit of the decentralized finance exchange.

In an email sent on March 29, Karony said that SafeMoon was working to “rectify” the exploit that saw more than $8 million in funds drained from the liquidity pool on Mar. 28 due to an exploit of its LP.

“We can confirm that we will be reintroducing liquidity to our LP as soon as is practical, but some account features may be limited during this period. We will keep our community updated in the coming hours and days and thank you all once more for your patience and understanding.”

On March 28, SafeMoon suffered what blockchain security analysts dubbed a “public burn bug,” which experts said allowed tokens to be burned, leading to a price increase of the SFM token.

SafeMoon dodged by allegations

Since its inception, however, SafeMoon has long dodged accusations of sketchy behavior.

In 2022, the project faced severe criticism from Coffeezilla, a YouTube host who accused the project’s former CEO, referred to as “Kyle,” of fraudulent activity. Additionally, Coffeezilla accused SafeMoon’s current CEO, John Karony, of stealing from the project.

The current price of SafeMoon is $0.00021, down -11.87% in 24-hour trading.

SFM 1-day chart (Source: CryptoSlate)

The post SafeMoon working to ‘rectify’ situation after $8M exploit, says CEO appeared first on CryptoSlate.

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