Decentralized Finance Protocol Safemoon Loses $8.9 Million to Exploit

    Decentralized finance (DeFi) protocol Safemoon was recently targeted by a hacker, resulting in the loss of $8.9 million. The attacker utilized the “public burn” function of the platform, which allows users to burn tokens from other addresses. The hacker manipulated this function to remove SFM tokens from the Safemoon-WBNB liquidity pool, causing the price of SFM to increase artificially. They then sold the overpriced SFM tokens for WBNB.

    The Safemoon team is currently working on a solution to address the issue. This is not the first time that a DeFi platform has been targeted by hackers. The incident serves as a reminder for developers and users to implement strong security measures and practices to prevent such attacks from happening in the future.

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