On March 28, Safemoon Network experienced an attack on its BNB liquidity pool, resulting in a loss of approximately $8.9 million. The attack exploited a faulty smart contract design that allowed any user to burn tokens from any address. The attacker siphoned SFM tokens from the Safemoon-WBNB liquidity pool, artificially raising the SFM price, and sold them into the same liquidity pool at an inflated rate, wiping out the remaining WBNB.
SFM Price Dips and Stabilizes
Following the attack, the SFM token price dropped by up to 40% in the last 24 hours but has since stabilized. Coingecko’s latest market data shows that SFM traded at around $0.0001849, down by approximately 20% during the early London market. Despite the dip, the Safemoon (SFM) still has a market capitalization of about $106,958,984 and a 24-hour traded volume of approximately $1.1 million... read more