Is Safemoon Safe ?
All of us in this field of Cryptocurrency know very well about SafeMoon coin. And also we know very well how much popularity it achieved in the past few months.
But here the question is “ Is SafeMoon Really Safe“.
This question is arising because of the vulnerability in the contract system of SafeMoon coin.
Popularity Of SafeMoon
SafeMoon is a popular “meme coin” and famous for tik-tokers.
As all of us know very well that tiktokers were most popular, no matter whether they have a positive attitude or a negative attitude.
Popularity and new name ideas are responsible for the hype.
Hype about SafeMoon coin is very high at the present time.
Due to its popularity many people use “safe” word with “safebtc” to introduce new coin concept.
Is SafeMoon Really Safe?
Recently a news is in trending in the Cryptocurrency market about the safety of the SafeMoon coin technology.
A part of SafeMoon finding, HashEx, claimed that ” SafeMoon is vulnerable.
Actually the ownership of the SafeMoon contract is owned by the direct login panel system.
And that controlled system is controlling a significant amount of pool liquidity And that is vulnerable.
So SafeMoon contract ownership is controlled by the owner externally and that is not safe.
And also he explained that SafeMoon has a coding error in the SafeMoon contract system.
There are around 5 vulnerabilities in the coding of the SafeMoon contract system.
In the event of EOA, the discussion ended up with the result that attackers can drain the liquidity tool.
And also HashEx teams said that a hacker can hack the system by controlling the token burn address.
It means if the team will burn a token then that burning token will not burn. Perhaps that token will transfer to the hacker’s address.
However, the HashEx team confirmed that wallets of the users are not in direct or indirect contact with third party services and also their contract system is fully secure except the control.
Actually one can access a Blockchain contract system through login details but no one can alter the existing data ( token numbers) of the whole program. Because all are part of DApp based projects.
Related: What is DApp? Use in cryptocurrency and blockchain.
Another thing that a hacker can do is control the fees system. If a hacker is successful in finding this bug then he will be able to control the fees system.
Hackers can change the transaction sale fees.
Here people are blaming the BSC chain. Many experts of the Cryptocurrency field are saying that all new projects which are based on Binance smart chain, have lots of bugs.
Well here we can say that, it is the responsibility of the SafeMoon finding team to fix the bugs as soon as possible. Otherwise people will lose their faith from Cryptocurrency assets.