The liquidity pool (LP) for the DeFi project SafeMoon has been compromised, according to a statement from the project on Twitter on March 28.

SafeMoon LP compromised

SafeMoon stated that it is working to resolve the issue, but provided few additional details. The project’s initial statement was also retweeted by SafeMoon CEO John Karony, aka Captain Hodl, on his personal Twitter account without further explanation.

Even though SafeMoon hasn’t said what caused the incident, other people have said something about it. According to the security company PeckShield, a public burn bug was introduced in a contract upgrade, making it possible for anyone to destroy tokens. PeckShield suggested the possibility of an admin key leak and stated that the upgrade was initiated by the deployer contract.

The amount of cryptocurrency that has been retrieved or stolen, if any, is unknown.

The trade off comes at an unfavorable time: SafeMoon as of late advanced its security item, Orbital Safeguard. Even though the problem does not appear to be directly related to Orbital Shield, the incident may cast doubt on the project’s overall security measures.

The news has had a slight impact on SafeMoon’s native token (SFM). The symbolic’s worth was down 4.86% throughout the course of recent hours as of 11:45 p.m. UTC.

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SafeMoon plagued by controversy

Through redistribution, LP acquisition, and token burns, SafeMoon is a DeFi-focused project that aims to provide investors with a means of earning interest on their investments.

In 2022, Coffeezilla’s criticism caused the project to come under fire. The host on YouTube alleged that “Kyle,” the project’s former CEO, had committed fraud. Coffeezilla also said that the project’s current CEO, John Karony, stole from it. Coffeezilla’s earlier claims had previously been addressed by SafeMoon’s former CTO.

Additionally, numerous class action lawsuits have targeted SafeMoon, alleging that the project is a securities law violation and pump-and-dump scheme. When one of those lawsuits was dropped in November 2022, the SFM token of the project saw a sudden price increase; however, those gains proved to be extremely short-lived.

Since its all-time high in March 2022, SafeMoon’s SFM token has lost most of its value, and the company has been mired in controversy for a significant portion of its existence.

Note: This article has been updated to include PeckShield information.