Meme Coin SafeMoon At Risk of Losing $20M

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The meme coin SafeMoon, which is very popular on the social network TikTok, could be at risk of losing as much as $20 million, Bitcoinist.com reports.

These are the conclusions of a study of the project’s smart contract conducted by blockchain security firm HashEx. According to the company, SafeMoon’s smart contract suffers multiple vulnerabilities that could be exploited by bad actors to steal the funds stored in it.

Notably, HashEx has identified 12 potential vulnerabilities, of which 5 are considered of either critical or high-severity nature.

The security firm has explained that SafeMoon could fall the victim of a “Temporary ownership renounce” attack that might result in the loss of as much as $20 million. HashEx has pointed out the SafeMoon contract is owned by an external account. So if this account were compromised, the attackers would drain the project’s liquidity pool.

On top of that, an hypothetical hacker could make it impossible for SafeMoon’s developers to send the tokens to the burn address.

However, SafeMoon has said that the owner wallet is not connected to any-third party dApps, which guarantees the security of the funds.