BNB Chain-based decentralized cryptocurrency exchange Safemoon was hacked, resulting in the withdrawal of about $9 million from its liquidity pool. , adding that he is taking immediate action to resolve the problem.
According to the BscScan service, almost $9 million worth of crypto assets were withdrawn from the exchange’s liquidity pool.
Cybersecurity specialists from Peckshield noted that a recent update to the exchange introduced a public burn function, which made it easier to hack.
This option allowed any user to burn tokens from a different address. The hacker was able to artificially raise the price of the SFM token and then sold enough tokens back into the liquidity pool in the same transaction, according to Peckshield.
“The attacker was able to burn most of the SFM, which increased the price of the token,” Peckshield explained.
Hours after the hack, the hackers added a message to one transaction saying they wanted the funds back. According to PeckShield, the hackers have already returned more than $1.2 million worth of BNB.
“Hey relax, we accidentally launched an attack against you, we would like to return the funds, set up a secure communication channel, let’s talk,” the hackers wrote.
According to a recent report by PeckShield, a total of $35.5 million worth of cryptocurrencies were stolen in February. The largest number of hacks – 141 – occurred on February 11th.
In February, the United Nations (UN) submitted a report to the DPRK Sanctions Committee, according to which North Korean hackers stole more cryptoassets in 2022 than in any other year.