Safemoon (SFM) Hacked, IDR 135 Billion Stolen By Hackers

Safemoon token. (Photo; Doc. Publish0x)

JAKARTA - SafeMoon, a decentralized financial platform (DeFi) that offers various crypto services, recently became a victim of massive hacking.

Hackers managed to eliminate tokens through burning or burning mechanisms for almost all SFM tokens on SafeMoon and stole around US$9 million (equivalent to Rp135 billion) in crypto assets. This caused the SFM price to plummet and the WBNB liquidity pool to run out in an instant.

On Tuesday, March 28, 2023, someone managed to burn (burn) most of the SFM tokens in SafeMoon, allowing hackers to take about $9 million in crypto assets. As a result, the price of the SFM token was affected and the contract WBNB was drained in one transaction.

The hack is thought to be linked to a security loophole at SafeMoon's smart contract, which allows anyone to destroy the SFM token. Hackers also used tricks to temporarily increase the price of the SFM and then sell it quickly for maximum profit.

This is a form of a flash loan or flash loan attack, which takes advantage of unsecured instant loans on the DeFi platform. SafeMoon claims that they are trying to fix this problem and guarantees that SafeMoon DEX is still operating normally.

However, many users are disappointed and worried about the security of this platform. SafeMoon has also received criticism from some crypto experts, who consider it an opaque and unbelievable ponzi scheme.

According to PeckShild, a crypto security firm, a SafeMoon contract update allows anyone to destroy tokens. PeckShild also said that hackers used code functions to artificially increase the price of SFM tokens and then sell tokens to drain assets from a collection of liquidity in one transaction.

Launching Coincu, SafeMoon CEO John Karony announced that SafeMoon DEX (decentralized exchange) is safe and that the collection of SFM liquidity:BNB affected by the attack is in the process of being repaired. However, this hack still has an impact on the price of SFM, which fell more than 5 percent in the last 24 hours.

SafeMoon is one of many DeFi projects emerging in the crypto world, which has succeeded in attracting the crypto community. However, these projects are also vulnerable to hacking attacks, because the blockchain technology they use is still growing and has not been thoroughly tested. Therefore, users must be careful and do research before investing in any DeFi platform.