Safemoon liquidity pool exploited—public burn bug to blame?

On March 28, SafeMoon, a DeFi project, announced on Twitter that the liquidity pool (LP) associated with it had been compromised. Safemoon Liquidity pool hacked SafeMoon has yet to disclose the cause of the incident, but security firm PeckShield believes it may be attributed to a contract upgrade that introduced a public burn bug.

Timeline of Safemoon

Recent regulatory actions against crypto units have already rocked the crypto market around the world. What added more trouble to the broader crypto market was the collapse of the crypto-friendly Silicon Valley Bank (SVB).

Recent regulatory actions against crypto-units have rocked the crypto-market around the world. The most recent SEC action against Kraken had an immediate impact on digital assets as the price of Safemoon (SFM) continued to fall.

The crypto market has been rocked by fresh regulatory actions against crypto units across the globe. The latest SEC action against Kraken had an immediate impact on the digital assets as the price of Safemoon (SFM) kept plummeting.

The price of Safemoon (SFM) has largely followed the overall crypto industry trend since the collapse of FTX in early November last year. Its price rose to $0.000288 from $0.0002772 over the past seven days, showing stagnant growth.

The value of the decentralized finance (DeFi) token SafeMoon V2 (SFM), a Binance Smart Chain (BSC) token, has begun the year positively, in line with the general crypto market, after facing several scandals in 2022. 

SafeMoon's price has largely followed the overall crypto industry trend since the collapse of the crypto exchange FTX. In recent trading sessions, it has followed the general trend of the industry.

As worries about the cryptocurrency market persisted over the past few weeks, Safemoon's price remained in a consolidation period.  A blockchain project in the DeFi sector is called Safemoon.

Introduced last year, SafeMoon is one of the most profitable memecoins today. SafeMoon has performed exceedingly well, similar to other popular memecoins such as Shiba Inu and Dogecoin.

The native token for the contentious crypto project Safemoon (SFM) has experienced extreme volatility over the weekend as the price rose 92% in the space of three hours early on the morning of Nov 5. The post Safemoon explodes 92% before crashing back down 40% amid extreme weekend volatility appeared first on CryptoSlate.

One of the most lucrative meme coins, SafeMoon was introduced to the global crypto market last year. Touted to be among the league of meme coins like Shiba Inu and Dogecoin, SafeMoon has continued to perform well.