A hacker exploiting decentralized finance (DeFi) protocol Safemoon has agreed to return 80% of stolen funds worth $7.1 million, according to online data posted by Twitter user SafeMoonSpidey.
The exploit occurred last month when a hacker drained the Safemoon liquidity pool of nearly $9 million worth of SFM tokens after manipulating a smart contract vulnerability.
Safemoon developers have updated the community in on-chain transactions that can be viewed on the Binance smart chain explorer.
The two sides agreed on a 20% bug bounty to be given to the hackers. Safemoon developers also confirmed that no charges will be filed against the hackers.
Safemoon's token (SFM) has increased by 2.8% in the past 24 hours.
SFM has been one of the best-performing tokens in the 2021 bull market after receiving endorsements from several celebrities including Jake Paul, who was sued by the SEC for touting the token in December.
