Cryptocurrency SafeMoon is already a controversial token, but an upgrade to the software introduced a bug that saw $8.9 million stolen from the pool.
Highlights
- SafeMoon, a Jake Paul-endorsed cryptocurrency token, has been hacked for $8.9 million.
- A bug was introduced after the team “upgraded” the code, leaving an exploit in the open that was quickly taken advantage of.
- The money was stolen from its liquidity pool, the cash it has on hand to facilitate trading.
- The Jake Paul endorsement gave SafeMoon a massive surge in popularity before it was turned into what appears to be a “pump and dump” scheme.
- The US SEC has also recently fined Jake Paul $400,000 for “illegal” cryptocurrency promotions.
- His older brother, Logan, is also the subject of an investigation by YouTuber Coffeezilla.
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