The once-popular altcoin Safemoon recently shared horrible news for the token’s holders. The crypto announced on Twitter that the currency’s liquidity pools have allegedly been hacked.
Reports suggest that hackers were able to steal up to $9 million worth of Safemoon tokens from the cryptocurrency’s liquidity pool. The incident comes at a terrible time for the cryptocurrency — which was once considered one of the most popular altcoins of 2021.
The company’s CEO, John Karony, went on Twitter to reassure investors:
“Our community’s safety remains my top priority,” Karony wrote. “I will continue to keep you updated on any further developments.”
Meanwhile, the official Safemoon Twitter account stated that the company is “taking swift action in an attempt to resolve the issue as soon as possible.”
At this time of writing, the price of $SAFEMOON hasn’t been altered by the hacking reports — but that will most likely change in the near future.
The Fall of Safemoon
The altcoin became a fan favorite during its first year, to the point of very influential celebrities like Jake Paul, Keemstar, and rappers Soulja Boy and Lil Yachty becoming involved in the promotion of the currency.
That ultimately led to a surge in the price of over 140% in its first year, reaching an incredible market cap of $1 billion — making $SAFEMOON one of the most profitable assets of that year.
However, the longevity of the token would prove to be short-short lived. After several allegations of mishandling assets and even rug-pulling, the token ultimately lost 99% of its value in 2022.
The horrible series of events surrounding Safemoon eventually led up to fraud charges and even a civil lawsuit against the development team and its promoters.
The story became well known after notorious YouTuber Coffeezilla posted a series of mini-documentaries about the fall of Safemoon.
