A hacker that exploited decentralized finance (DeFi) protocol Safemoon has agreed to return 80% of the stolen funds valued at $7.1 million, according to on-chain 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 flaw in the smart contracts.

Safemoon developers updated the community within on-chain transactions that can be viewed on the Binance smart chain (BSC) block explorer.

The two parties agreed on a 20% bug bounty to be awarded to the hacker. Safemoon developers also confirmed that no charges will be filed against the hacker.

Safemoon's token (SFM) has risen by 2.8% over the past 24-hours.

(by Stephen Alpher)