The cryptocurrency community was outraged after a vulnerability exploit in the SafeMoon protocol resulted in the loss of $9 million worth of liquidity on March 28, 2021. Company CEO John Karony released a statement the following day reassuring users that their funds were safe, and caling on them to remain patient while a patch was applied. Updates on the matter, however, have continued to be released without significant new information and seemingly without any progress in the recovery of the lost funds. As a result, users have expressed their dissatisfaction on Reddit and questioned the effort undertaken to remedy the problem.

The frustration of the SafeMoon community does not become apparent until the events of 2021 are taken into consideration. In the same year, the project was plagued by the resignation of the then CTO, Hank Wyatt, following a series of failed product releases, as well as rampant accusations of ill practices such as the use of paid influencers, or senior members allegedly stealing funds. As if that were not enough, the native SFM token collapsed 24% since the contract exploit took place and 95% from its all-time high.

The situation is indeed critical and many users believe the situation is dire. Risk mitigation is essential to financial operations, and in this regard, the SafeMoon team has failed; the community has no other option but to place their trust in the project's leadership to operate with the best of their ability and to perform a complete recovery. To show they are determined to rebuild trust with the users, the team must implement countermeasures that do not repeat the same mistakes and take advantage of the good services to be had in the crypto industry.

The project has been given the opportunity to rise from this and re-establish a sense of trust between its users. However, if credible actions are not taken by the team soon, the incident may well be just the beginning of the end.



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