Bitmart $200 Million Hack: SafeMoon CEO John Karony Responds

Source: nairametrics

Crypto exchanges hacking has increased recently, posing whether the customer’s investments are safe. Hackers broke into Bitmart, stealing about $200 million of coins, including SafeMoon. The hack was detected by Peckshield, blockchain security and Data analyst. Peckshield found an Ethereum blockchain transfer amounting to $100 million. Other transfers also took place on the Binance smart chain totalling $100 million.

The hacking involved the loss of over 20 tokens, including Binance Coin, SafeMoon B-pay, and BSC-USD. The hacking also brought the loss of Many meme coins, including Floki, Moonshot, and BabyDoge. According to Peckshield, the hack was done through swapping transfer and wash.

Bitmart has suspended withdrawals until further notice, requesting its customers to be patient as they resolve the issue.

Another hack had also taken place last week. BadgerDao announced that it had received large unofficial withdrawals of user funds following a security breach alert. Comparable steps to Bitmart were taken, suspending all exchanges activity.

In August 2020, hackers broke into Bilaxy and made away with $450 million worth of 300 cryptos. The poly system was also used to hack about $600 million in crypto. This is why the SEC is very unwilling to approve some licenses due to customers’ investments’ security.

SafeMoon Responds to Bitmart’s Hacking

Among other tokens stolen during the hacking was SafeMoon. SafeMoon investors have taken to twitter on the security of their investments. SafeMoon CEO John Karony took it to Twitter sympathizing with SafeMoon investors on Bitmart.

They condemned the act and asked traders and investors to be alert over the token’s ability to maintain value following Bitmarts hacking.

The CEO also urges the SafeMoon Army to give Bitmart some room and an opportunity to resolve the issue. He also mentions that SafeMoon products were safe(SWap and Wallet).

According to experts, the stolen SafeMoon will impact SafeMoon’s price value. Moreover, SafeMoon made new all-time lows at $0.0000009, following the hacking incident. The token is trading below the $0.00001 level. The crash may create new trading opportunities for safe moon investors.

According to analysts and experts, SafeMoon maintains a large fan base. Already speculators are all over the token at its common, rallying about 54% upwards. Traders are, however, seeing resistance at $0.000002.

The token is currently trading at $0.00000145, which is a 12.5% increase in the last 24 hours, according to CoinGecko.

SafeMoon Price Prediction

The recent hacking on the Bitmart exchange is not shaking the SafeMoon army one bit. The considerations have seen the token rising again by about 54%, and they are still expecting to get back to their all-time high of $0.00001094 by the end of the year.

SafeMoon creators are also planning on working on the tokens volatility issues, which will mean discouraging day trading of the token. However, the creators will reward the long-term holders with half of the 10% charge on each sale as a dividend.

The time is ripe to buy this dip as we anticipate the long jump back on track as we end the year. The crypto market is also preparing for a bull rally soon.