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Stablecoin SafeDollar Hit by Cyberattack

The stablecoin's value drops to zero.

By Jamie Crawley
Updated Sep 14, 2021, 1:17 p.m. Published Jun 28, 2021, 8:37 a.m. 1 min read
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SafeDollar, a decentralized finance (DeFi) stablecoin that is based on the Polygon blockchain, has been hit by an cyberattack, according a statement on its Telegram channel.

  • All activities on SafeDollar have been paused and investigations are underway, it said.
  • "IMPORTANT: PLEASE STOP ALL TRADING RELATED TO $SDO," it added.
  • The value of SafeDollar has dropped to $0, according to the protocol's website.
  • The cyberattack used tether and USD coin, beincrypto.com reported, citing a tweet by DeFi analytics site Rugdoc.io Monday.
  • The contract address shows SafeDollar, USDC and USDT were siphoned off.

Read more: DeFi Protocol EasyFi Reports Hack, Loss of Over $80M in Funds

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