Recently, there has been an increase in hack attacks targeting DeFi protocols. These types of attacks typically target protocols located on decentralized blockchain networks such as Ethereum and Binance Smart Chain.
SafeMoon is a decentralized finance (DeFi) protocol on the Binance Smart Chain network. On March 28th, SafeMoon was hacked and the attackers stole 27,000 BNB, which is approximately equivalent to 8.9 million dollars in value.
Agreement reached with hacker
As a result of negotiations with the hacker, the SafeMoon team was able to recover 80% of the stolen funds. According to the agreement, the attacker will retain the remaining 20% and the SafeMoon team will not initiate any legal action.
Similar situations have occurred where other DeFi protocols such as Euler Finance and Sentiment were also hacked, and negotiations were conducted with the hackers to recover the stolen funds.
As a result, such attacks have sparked debates about the need for larger bug bounties and for development teams to be more willing to pay users who report vulnerabilities.
Most companies use a bug bounty program to prevent such attacks. A bug bounty program is a program that provides monetary rewards to individuals who identify and report vulnerabilities and security flaws in a company’s website, application, or software. Through this program, hackers can legally earn money, and companies can identify and take measures against security vulnerabilities to prevent such attacks.