• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
safemoon, hackex
Nexo Logo

HashEx: 20 Million Users Might Be Threatened by SafeMoon’s Critical Vulnerabilities

Mark Hampton by Mark Hampton
1 year ago
in Company News
Reading Time: 2 mins read
Advertisement

The SafeMoon DeFi protocol is the latest project to have vulnerabilities revealed in its smart contract code. A recent audit conducted by analysts from HashEx, a blockchain security consulting firm, has revealed that 12 critical vulnerabilities are placing the funds of over 20 million users and the protocol with over $3.5 billion in market capitalization at risk.

With near-daily reports of scams and fraud on the part of DeFi protocols, market participants should pay heed to the audit reports of various DeFi platforms. The latest smart contract audit of the SafeMoon protocol has revealed that its BEP-20 code supporting the $SAFEMOON token is at serious risk with many loopholes allowing hackers to conduct malignant operations on the platform. Considering that $SAFEMOON has grown by 15,000% since launch and the project reached over $6 billion in market valuation with over 20 million users and $200 million in DEX liquidity, the report casts serious doubt on the operability of the SafeMoon protocol.

The twelve vulnerabilities identified by HashEx are placing the investments of millions of users at risk with several of the issues capable of being used in conjunction to maximize the harm done to user accounts and balances. Two of the issues are considered to be critical, while three are deemed high risk and are a godsend for hackers.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

For instance, the hackers can exploit the loopholes to extract 100% commissions on $SAFEMOON token transfers, blacklist users, block user accounts, rug-pull liquidity and much more. Even more frightening is the fact that the SafeMoon development team is aware of the vulnerabilities, as based on the response received by the HashEx team after disclosing the results of the audit.

According to the representatives of HashEx who previously contacted SafeMoon to inform the project team about the vulnerabilities detected, SafeMoon stated that the identified vulnerabilities are not issues at all and can all be updated with a hard fork. The fact that the project has not yet announced any updates or hard forks is a factor that community members should take into account when considering investing with SafeMoon in light of the identified vulnerabilities.

Among the loopholes that have been identified, the risk of rug-pulling stands most acute, as it implies that the hackers can simply divert as much as 15% of the protocol’s liquidity. That would mean the loss of over $20 million in user funds. Other opportunities presented to the hackers include vulnerabilities in the smart contract code that could allow them to blacklist users from receiving rewards, or blocking the transfer of $SAFEMOON tokens, which would render them useless and collapse their value.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The report on the competence of SafeMoon’s smart contract code is a glaring reminder that development quality is lagging far behind speed of deployment in project priority lists. Such a state of affairs should remind all conscientious and investment-conscious market participants that project screening is a must and blind faith in market volumes can and will eventually result in losses, as illustrated by the numerous DeFi project catastrophes over the last year.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Mark Hampton

Mark Hampton

Related Posts

Ahead Of Vasil Hard Fork, Cardano Metaverse Project Cardalonia Shows Huge Potential As The $LONIA Token Demand Surges

Ahead Of Vasil Hard Fork, Cardano Metaverse Project Cardalonia Shows Huge Potential As The $LONIA Token Demand Surges

6 hours ago
Understanding The Recent Growth of Move-To-Earn

Understanding The Recent Growth of Move-To-Earn

18 hours ago
Thinking to Buy IMOV? These 3 Tokens Can Be a Better Investment

Thinking to Buy IMOV? These 3 Tokens Can Be a Better Investment

21 hours ago
6 Best New Cryptocurrency Australia to Buy 2022

6 Best New Cryptocurrency Australia to Buy 2022

1 day ago
3 Best New Crypto Pairs Launching on DEXs This Week & Month

3 Best New Crypto Pairs Launching on DEXs This Week & Month

2 days ago
Emergents TCG Officially Moves To Public Beta With The Exclusive ‘Super Booster’ Pack Flash Sale

Emergents TCG Officially Moves To Public Beta With The Exclusive ‘Super Booster’ Pack Flash Sale

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List THANKQ (TQP) on August 18, 2022

August 18, 2022

Crypto Finance Coin (CTFC) Is Now Available for Trading on LBank Exchange

August 18, 2022

LBank Exchange Will List SYLToken (SYL) on August 17, 2022

August 18, 2022

LBank Exchange Will List Omax Coin (OMAX) on August 18, 2022

August 18, 2022

PETT Is Now Available for Trading on LBank Exchange

August 18, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.