#Safemoon Returns 80% of Stolen Funds After Being Hacked on BNB Chain

According to reports, the DeFi protocol Safemoon on BNB Chain stated that hackers will return 80% of the stolen funds of $8.9 million (approximately $7.1 million), with the remaining 20% reserved as a bounty.

SafeMoon hackers have agreed to return 80% of the stolen funds

##Introduction
In the world of decentralized finance (DeFi), Safemoon is a relatively new protocol that has gained significant popularity. However, just recently, it was reported that Safemoon was hacked on the Binance Smart Chain (BNB) and an amount of $8.9 million was stolen. The good news is that the hackers have decided to return 80% of the funds which represents approximately $7.1 million, with the remaining 20% being reserved as a bounty. In this article, we dive deeper into what happened and what this means for Safemoon and the DeFi industry at large.
##What Happened
On August 28th, 2021, Safemoon was subject to a major hack on the Binance Smart Chain. The hackers exploited a vulnerability in Safemoon’s liquidity pools, allowing them to steal a significant amount of funds worth $8.9 million. Safemoon immediately released a statement acknowledging the hack and announcing that they were working to recover the stolen funds.
##The Hackers’ Return of Stolen Funds
In a surprising turn of events, the hackers later revealed that they would return 80% of the stolen funds, including a message written in the blockchain stating “We want to show the world that not all hackers are thieves, we just need the right opportunity and a little encouragement to use our ability for good.”
##What This Means for Safemoon and DeFi
The fact that the hackers managed to exploit a vulnerability in Safemoon’s liquidity pools raises questions about the overall security of DeFi protocols, which are often built on smart contracts with coding vulnerabilities. The return of the stolen funds is a positive outcome for Safemoon, however, it is important to note that Safemoon and other DeFi protocols need to address these security issues in order to ensure the trust of their users.
##How Safemoon Will Address the Issue
Safemoon has announced that it will be conducting an audit of its smart contract code to identify and address any vulnerabilities. The company has also stated that it will be working with Binance, the exchange that hosts the Binance Smart Chain, to implement further security measures. These measures will include introducing stricter access controls and creating better monitoring systems for liquidity pools.
##Conclusion
The hack on Safemoon is a reminder that the DeFi industry still faces significant security challenges. However, the hackers’ decision to return 80% of the stolen funds is a positive step, and Safemoon’s response and commitment to improving security measures should provide some reassurance to the protocol’s users. Ultimately, the DeFi industry will need to demonstrate that it can provide a secure and reliable alternative to traditional financial systems in order to continue to gain the confidence and trust of investors.
##FAQs
Q: What is Safemoon?
A: Safemoon is a decentralized finance (DeFi) protocol that has gained significant popularity in recent months.
Q: What was the value of the funds stolen from Safemoon?
A: The funds stolen from Safemoon were worth approximately $8.9 million.
Q: Will Safemoon conduct an audit of its smart contract code?
A: Yes, Safemoon has announced that it will be conducting an audit of its smart contract code to identify and address any vulnerabilities.
##Keywords
DeFi protocol, Safemoon, Binance Smart Chain, hack, security, smart contract, vulnerability, liquidity pools.