[Serious] Safemoon Army applaud as millions of dollars lost from their LP due to CEO publishing incompetent code.

On March 28th the Safemoon LP was totally drained of $8.9m of BNB after an attacker exploited a line of code that was placed in the smart contract on the same day.

Here’s what we know:

• Safemoon published a new proxy smart contract, which didn’t have an exploit in it.
• a day later, Safemoon uploaded a new contract with one small but crucial difference - it allowed anyone to burn anyone else’s balance of tokens.
• an attacker used this exploit to alter the balance of tokens in the liquidity pool, allowing himself to sell a few bucks of Safemoon for $8.9m in BNB.
• unfortunately for the attacker, an MEV bot front-ran the transaction and ended up with the funds
• the MEV bot and Safemoon have been negotiating and seem to have finally come to an arrangement.

SafeMoon has reached an agreement with the party currently holding the funds. Specifically, SafeMoon has agreed to accept 80 percent of the amount returned, with the other party retaining the balance as a bounty. SafeMoon has further agreed not to file any legal actions against them. After careful consideration of the circumstances, it is believed this is in the best interest of SafeMoon and the community.

This message was encoded in a transaction sent from the Safemoon owner address to the MEV bot, seen here

So in a quick summary, Safemoon put a dopey ass exploit in their code, whether through malice or sheer incompetence, someone happily exploited it, and then the guy who front ran the exploit and ended up with $8.9m in their account through staggering luck has now agreed to return the funds, less a 20% bounty.

And the Safemoon Army applaud the “successful” return of funds - apparently unphased by the fact that this whole mess was caused by Safemoon once again publishing untested, unaudited code to mainnet.

This whole thing is just such a joke and a stain on Crypto.