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$11 Million Stolen from SafeMoon Liquidity Pool in Fresh Attack

Liquidity drain detected

Cryptocurrency project SafeMoon is facing yet another security incident after an unknown entity drained over $11 million in liquidity from its liquidity pools, according to blockchain security company Cyvers Alert.

Cyvers Alert noticed an address labeled “approveLiquidityPartner” that moved approximately $11.2 million in at least 23 transactions from December 17 to December 25, 2023. The suspicious address now holds around $1.6 million in various cryptocurrencies.

SFM price drop

Following the incident, SafeMoon’s token (SFM) dropped to $0.00003226, as recorded by CoinMarketCap CoinMarketCap.

There is speculation about a link between this liquidity drain and SafeMoon’s ongoing bankruptcy proceedings. SafeMoon filed for bankruptcy protection in the US Bankruptcy Court in Utah, with liabilities up to $500,000 and assets valued at over $10 million.

SafeMoon announced bankruptcy for SafeMoon U.S. LLC on January 19, 2024. SafeMoon previously announced the decommissioning of the SafeMoon Wallet, yet the date was unspecified.

This is not the first security issue for SafeMoon. SafeMoon faced a $9 million exploit in March 2023 that affected its liquidity. In November 2023, the US SEC charged SafeMoon and its executives with fraud, unregistered securities offerings, and money laundering According to Etherscan.

Allegations arose of SafeMoon’s top executives embezzling over $200 million, leading to the arrest of CEO John Karony and CTO Thomas Smith.

Cyvers Alerts first flagged the suspicious activity.

????@Cyvers: Safemoon???s Pancakeswap pool was just exploited again, this time for $11.2M. We will shortly publish additional
details.

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