The SafeMoon DeFi protocol is the latest project to expose vulnerabilities in its smart contract code. A recent audit Operated Analysts at the blockchain security consulting firm, HashX, have revealed that 12 significant weaknesses are putting the funds of more than 20 million users at risk and that there is more than $ 3.5 billion in market capitalization.
With almost daily reports of scams and fraud on behalf of the DIFI protocol, market participants should focus on audit reports of various DIFI platforms. The latest Smart Contract audit of the SafeMoon protocol showed that its BEP-20 code supporting the $ SAFEMOON token is at serious risk, with many flaws allowing hackers to perform lethal operations on the platform. Given that $ SAFEMOON has grown by 15,000% since launch and the project has reached more than $ 6 billion in market valuation with over 20 million users and $ 200 million in DEX liquidity, the report of SafeMoon Protocol Casts serious doubt on the operation.
The twelve weaknesses identified by HashX are putting millions of users at risk, with many issues that can be used in conjunction to maximize losses to user accounts and balances. Two issues are considered important, while three are considered high risk and are a godsend for hackers.
For example, hackers can exploit loopholes to remove 100% commissions on $ SAFEMOON token transfers, blacklist users, block user accounts, rig-pull liquidity, and more. Even more frightening is the fact that the SafeMoon development team is aware of the weaknesses, as based on the feedback received by the HashX team after disclosing the results of the audit.
According to representatives of HashX, who had previously contacted SafeMoon to find out how to notify the project team about the vulnerabilities, SafeMoon said that the identified vulnerabilities are not problems at all and updated everyone with a hard fork. can go. The fact that the project has not yet announced any updates or hard forks is a factor that community members should consider investing with SafeMoon in light of the identified weaknesses.
Among the flaws that have been identified, the risk of pulling the rug is most acute, as it means that hackers can easily divert up to 15% of the protocol’s liquidity. This means that there will be a loss of more than $ 20 million in user funds. Other opportunities presented to hackers include vulnerabilities in smart contract codes that may allow them to blacklist users from receiving rewards or block the transfer of $ SAFEMOON tokens, which will make them useless and demolish their value .
The report on the ability of SafeMoon’s smart contract code is a clear reminder that the quality of development lags far behind deployment speed in the project priority list. Such a situation should remind all honest and investment-conscious market participants that project screening is a must and there is blind faith in market volume and eventual losses, as indicated by the numerous Daffy project disasters in the past year. has gone.