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Monday, April 1, 2024

SafeMoon neighborhood pissed off over meaningless updates after $9M contract exploit

The SafeMoon neighborhood has slammed a meaningless replace on the current $9 million exploit.

On March 28, the SafeMoon protocol suffered a contract vulnerability exploit. The vulnerability, generally known as the “public burn bug,” enabled individuals with adequate data to empty liquidity from the platform.

Firm CEO John Karony issued a press release the next day, saying his group had patched the exploit. He referred to as on customers to remain affected person and warranted them their funds had been protected.

SafeMoon neighborhood unimpressed

Since Karony’s assertion, SafeMoon has issued six statements — on March 29, March 30, March 31, April 3, April 4, and April 11 — most of which adopted an analogous construction and format.

The newest assertion continued calling for endurance whereas mentioning that “nice progress” had been made — as detailed in an replace final week. It ended by teasing “thrilling new merchandise” within the pipeline.

As we proceed engaged on the restoration of the LP funds, we admire that it is a difficult state of affairs and that individuals may really feel pissed off.”

The corporate disabled Twitter replies on March 28 — the day of the liquidity exploit. Nevertheless, the SafeMoon neighborhood has been venting their frustration on Reddit.

In a Reddit submit on the matter, one Redditor doubted whether or not SafeMoon might recuperate the misplaced funds.

“In the event that they haven’t recuperate [sic] the cash by now, it means they by no means will. They will’t reverse the switch.”

A large number of different customers slammed the repetitive updates that seemingly led nowhere. The frustration was obvious from one consumer who questioned the group’s efforts to revive normality.

“What detailed replace from final week is he speaking about. That is actually the identical blah blah blah message.”

Lengthy-running controversies

In September 2021, following a collection of missed product launch deadlines, the then CTO, Hank Wyatt, resigned — throwing the undertaking’s future in jeopardy.

By April 2022, a number of scandals emerged, together with paid influencers pumping and dumping the token and allegations of senior group members stealing funds — with on-chain sleuthing suggesting Thomas “Papa” Smith had pocketed $143 million.

SFM fell 24% in worth for the reason that exploit. The token is down 95% from its all-time excessive of $0.00338272,  achieved on Jan 5, 2022.

The submit SafeMoon neighborhood pissed off over meaningless updates after $9M contract exploit appeared first on CryptoSlate.

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