Safemoon Price | How to buy SafeMoon4 min read

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Safemoon Price

How to buy SafeMoon

If you’re still interested in SafeMoon, you can buy it from one of the BSC-linked DEXs. These include PancakeSwap and Bakery Swap. If you’ve ever farmed yield, the process is similar, but a little more complicated than just buying Bitcoin from Coinbase. Basically, you have to buy Binance Coin (BNB) first and then deposit it into a wallet that supports the BSC. These include MetaMask and Trust Wallet. Once you have BNB, visit DEX and switch from BNB to SAFEMOON.

Pancake exchange

Exchange BNB for SAFEMOON on PancakeSwap. Image via PancakeSwap There is also a dedicated SafeMoon wallet that is under development that, once released, can make it easier to buy BNB and swap it for SAFEMOON.

Before you buy SafeMoon

We have already discussed the possibility that SafeMoon is a Ponzi scheme that will cause some red flags and you will get involved in this project should do carefully. However, there is one more reason for caution that was only recently discovered. May 2021, it was reported that blockchain auditing and consulting firm HashEx claimed it had discovered a dozen security holes in SafeMoon (SAFEMOON) that put more than two million investors at risk.

According to your findings, the project has a number of weaknesses, including the smart contract that allows the commissions for the transfer of SAFEMOON to be set at 100% Rug pulling, exclusion of the owners from the distribution of commissions Safemoon Price A rug pull refers to the theft of liquidity by the developer Temporary blocking of token transfers Making the token smart contract permanently inoperable. Hashem claims that the Safemoon smart contract owner is an external account controlled by a specific person.

The company said that this account has a market value of $ 20 million, with the total increasing steadily as the smart contract transfers part of the transfer commission to the owner’s account. If the owner’s address is compromised, there could be a rug pull of over $ 20,000,000 at any time. Since around 15% of the total liquidity is held in liquidity pools, the SAFEMOON exchange rate can fall quickly.

Safemoon Price

Hashem said that if SafeMoon’s external account were compromised, an attacker could drain the liquidity pool and prevent SafeMoon developers from using tokens to send to a burning address. Thomas Smith, SafeMoon’s chief technology officer, told Safemoon Price HashEx that the issues raised by the security firm are not “that we can update with a deployed contract without a hard fork.” Thomas told HashEx that SafeMoon has internal “policies and procedures” on how the contract works to “reduce the risk of misuse of values”.

The combination of such critical vulnerabilities in SafeMoon is a sobering reminder of the risks that DeFi projects still harbor in the market. Messari recently Safemoon Price reported that DeFi hacks stole a total of $ 285 million in the past two years. A recent example is the case of the DeFi100 decentralized financial protocol, which is reported to be fraudulent

safemoon

The company said that this account has a market value of $ 20 million, with the total increasing steadily as the smart contract transfers part of the transfer commission to the owner’s account. If the owner’s address is compromised, there could be a rug pull of over $ 20,000,000 at any time. Since around 15% of the total liquidity is held in liquidity pools, the SAFEMOON exchange rate can fall quickly.

HashEx said that if SafeMoon’s external account were compromised, an attacker could drain the liquidity pool and prevent SafeMoon developers from using tokens to send to a burning address. Thomas Smith, SafeMoon’s chief technology officer, told HashEx that the issues raised by the security firm are not “ones that we can update with a deployed contract without a hard fork.” Thomas told HashEx that SafeMoon has internal “policies and procedures” on how the contract works to “reduce the risk of misuse of values”.

The combination of such critical vulnerabilities in SafeMoon is a sobering reminder of the risks that DeFi projects still harbor in the market. Messari recently reported that DeFi hacks stole a total of $ 285 million in the past two years. A recent example is the case of the DeFi100 decentralized financial protocol, which is reported to have been found to be a fraud related to the theft .

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