Safemoon Hacker To Return 80% of Stolen Funds

Safemoon Hacker To Return 80% of Stolen Funds

SafeMoon, the cryptocurrency platform that suffered a major hack in March, has announced that the attacker responsible for stealing 27,000 Binance Coins (BNB) worth approximately $8.9 million at the time has agreed to return 80% of the stolen funds. The hacker will keep the remaining 20% as a “white hat bounty.”

A SafeMoon community member announced the news on Twitter by posting screenshots of a private note on BSC scan, which revealed that SafeMoon had agreed not to press charges against the hacker. The note stated that the decision was made after “careful consideration of the circumstances” and that SafeMoon believes it is in the platform’s and the community’s best interest to let the matter go.

Hack caused by software upgrade allowing anyone to burn tokens from other addresses. Attacker used this vulnerability to remove a large chunk of SFM from the pool, spiking the token’s price. They then sold the tokens at a high price and withdrew 27,000 BNB from the pool.

Following the exploit, SafeMoon CEO John Karony was active on social media, seeking to reassure users and address concerns. However, the lack of substantive updates on the situation caused displeasure within the SafeMoon community.

The cryptocurrency community has reacted with mixed feelings to the decision to accept the return of 80% of the stolen funds. Some have praised the platform for taking a pragmatic approach and avoiding the potential legal costs associated with pursuing charges. Others have criticized the decision as a reward for criminal behavior and fear that it could set a dangerous precedent.