Polygon-based Defi Stablecoin Safedollar crashes to zero – team investigates exploit – Bitcoin News

The algorithmic, decentralized financial (defi) stablecoin Safedollar (SDO) has been attacked according to statements published on its Telegram channel. The Safedollar token did not remain stable after the attack as the price of the Defi Stablecoin collapsed to zero.

Safedollar stablecoin price collapses

A polygon (MATIC) blockchain-based stablecoin called safedollar (SDO) has lost all of its value, according to crypto market aggregation sites and even the official website safedollar.fi. The website shows that the price per SDO is zero and members of the algorithmic Defi-Stablecoin community got wind of an attack via the project’s official telegram channel.

“Safedollar has been attacked,” the pinned statement of the Safedollar administrator in the notes on the Telegram channel. “We paused activities on Safedollar and [are] investigate the matter. Important: Please stop all $ SDO-related trading. We will announce the autopsy after the examination is complete [a] Compensation plan for liquidity providers. All seed pools are SAFU. Please withdraw [your] Medium. We will keep you posted [on the] current status in this channel. “

Polygon-based Defi Stablecoin Safedollar crashes to zero - team investigates exploit
Screenshot via safedollar.fi.

Details of the attack are not yet known, but the contract shown on Polygonscan shows that over 200,000 USDC and 46,000 USDT were withdrawn from the SDO smart contract. This drainage resulted in the complete collapse of the value of SDO and Telegram community subscribers are not very pleased. Many are waiting for official messages from the administrator, wondering whether compensation will be made.

Safedollar was attacked by SDO six days before the crash

Interestingly, the stablecoin-defin project Safedollar released a post-mortem analysis of another attack that preceded the recent collapse six days ago. On June 20, the project team members said, “Safedollar was recently the subject of an exploit that resulted in a loss of 9,959 SDS.” The team’s autopsy concluded that the “Safedollar protocol is functioning normally and not affecting functionality.” are”.

Safedollar joins a growing list of stablecoins that have stalled and fallen below the expected dollar peg. In November 2020, Defi-Protocol Origin suffered from a massive flash loan attack and the protocol’s stablecoin OUSD plunged 85%. In April 2021, the VC-supported stablecoin Fei Protocol fell under the USD peg. However, both stablecoins have managed to regain their USD parity as OUSD is trading against USD 0.99 and FEI at around USD 1 at the time of writing.

What do you think of the Safedollar Project stablecoin dropping to zero? Let us know what you think on this matter in the comments below.

Tags in this story

decentralized financing, DeFi, defi Stablecoin, Exploit, FEI, Fei Protocol, Hack, matic, Origin, OUSD, Polygon, price drops to 0, Safedollar, safedollar.fi, SDO, Stablecoin Exploit, USDC, USDT, Vulnerability, Zero

Photo credits: Shutterstock, Pixabay, Wiki Commons, safedollar.fi

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