"SafeMoon 'Burn' Bug Abused to Drain $8.9 Million from Liquidity Pool"

The SafeMoon token liquidity pool lost $8.9 million following a hacker's exploitation of a new 'burn' smart contract function that artificially raised the price, allowing the actor to sell SafeMoon at a significantly higher price. Liquidity pools in Decentralized Finance (DeFi) platforms are large deposits of cryptocurrency that facilitate trading, provide market liquidity, and enable exchanges to operate without borrowing from a third party. John Karony, the CEO of SafeMoon, confirmed that the attack took place on March 28, affecting the SFM:BNB liquidity pool but not the platform's exchange. The blockchain security company PeckShield revealed additional information about the vulnerability exploited by the hacker to steal almost $9 million. According to PeckShield, a recent update included a new SafeMoon smart contract function that burns tokens. However, the function was inadvertently made accessible to the public, allowing anybody to execute it as they chose. Previously, Karony said that this system would only be used in emergencies, such as when the liquidity pool encounters risks with malicious smart contracts, excessive slippage, and more. The hacker used the function to burn large amounts of SafeMoon tokens, causing the token's price to skyrocket. This article continues to discuss the heist against SafeMoon carried out by a hacker. 

Bleeping Computer reports "SafeMoon 'Burn' Bug Abused to Drain $8.9 Million from Liquidity Pool"