{"id":193821,"date":"2021-06-28T10:37:35","date_gmt":"2021-06-28T09:37:35","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=193821"},"modified":"2021-07-18T19:09:50","modified_gmt":"2021-07-18T18:09:50","slug":"safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon\/","title":{"rendered":"SafeDollar \u2018stablecoin\u2019 drops to $0 following $248,000 DeFi exploit on Polygon"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The price of SafeDollar (SDO), an algorithmic decentralized finance (<a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\">DeFi<\/a>) stablecoin based on the <a href=\"https:\/\/cryptoslate.com\/coins\/polygon\/\">Polygon (MATIC)<\/a> blockchain, has plummeted to literally zero as a result of what appears to be an exploit today.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u26a0\ufe0f SafeDollar exploited  \u26a0\ufe0f <\/p>\n<p>Exploit season is coming to Polygon? ? <a href=\"https:\/\/t.co\/evzsUAr695\">https:\/\/t.co\/evzsUAr695<\/a><\/p>\n<p>h\/t <a href=\"https:\/\/twitter.com\/RugDocIO?ref_src=twsrc%5Etfw\">@RugDocIO<\/a><\/p>\n<p>&mdash; defiprime (@defiprime) <a href=\"https:\/\/twitter.com\/defiprime\/status\/1409370786004045824?ref_src=twsrc%5Etfw\">June 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">While details are yet scarce, block explorer <\/span><a href=\"https:\/\/polygonscan.com\/address\/0xc44e71debf89d414a262edadc44797eba093c6b0#tokentxns\"><span style=\"font-weight: 400;\">Polygonscan<\/span><\/a><span style=\"font-weight: 400;\"> shows that 202,000 USDC and 46,000 USDT stablecoins were suddenly drained from SDO\u2019s smart contract today\u2014worth around $248,000 in total.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, SafeDollar\u2019s price\u2014which was supposed to always be equal to $1 since it\u2019s a stablecoin\u2014has plummeted to zero, according to the protocol\u2019s <\/span><a href=\"https:\/\/app.safedollar.fi\/\"><span style=\"font-weight: 400;\">own website<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"attachment_193822\" aria-describedby=\"caption-attachment-193822\" style=\"width: 1284px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-193822 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-exploit.jpg\" alt=\"The price of SafeDollar collapsed to zero\" width=\"1284\" height=\"104\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-exploit.jpg 1284w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-exploit-300x24.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-exploit-1024x83.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-exploit-768x62.jpg 768w\" sizes=\"(max-width: 1284px) 100vw, 1284px\" \/><figcaption id=\"caption-attachment-193822\" class=\"wp-caption-text\">The price of SafeDollar collapsed to zero<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Stablecoins are a special type of cryptocurrency tokens that are pegged to certain fiat currencies, usually the U.S. dollar. They are designed to always retain the value of their corresponding assets and\u2014in theory\u2014should always be tradeable or redeemable in a one-to-one ratio.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In SafeDollar\u2019s case, the stablecoin uses a combination of \u201cunique features of seigniorage, deflation protocol and synthetic assets\u201d as its basis.<\/span><\/p>\n<h2>SafeDollar takes protective measures<\/h2>\n<p><span style=\"font-weight: 400;\">The attack was also confirmed in a Telegram channel called \u201cSafeDollar Announcements\u201d today, with developers urging users to stop all operations with SDO and ostensibly promising to come up with a compensation plan in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSafeDollar has been under attack. We have paused activities on SafeDollar and investigating the matter. IMPORTANT: PLEASE STOP ALL TRADING RELATED TO $SDO. We will announce the post-mortem after the investigation done with compensation plan for Liquidity Providers,\u201d said the announcement.<\/span><\/p>\n<figure id=\"attachment_193823\" aria-describedby=\"caption-attachment-193823\" style=\"width: 425px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-193823\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-telegram.jpg\" alt=\"\u201cSafeDollar has been under attack.&quot; Image: Telegram\" width=\"425\" height=\"240\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-telegram.jpg 425w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-telegram-300x169.jpg 300w\" sizes=\"(max-width: 425px) 100vw, 425px\" \/><figcaption id=\"caption-attachment-193823\" class=\"wp-caption-text\">\u201cSafeDollar has been under attack.&#8221; Image: Telegram<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Notably, this is not even the first time SDO was exploited. Just a week ago, SafeDollar developers published a \u201c<\/span><a href=\"https:\/\/safedollar.medium.com\/safedollar-postmortem-analysis-96c8cfb4c2a3\"><span style=\"font-weight: 400;\">Postmortem Analysis<\/span><\/a><span style=\"font-weight: 400;\">\u201d about an exploit that resulted in the loss of the protocol\u2019s 9,959 SDS tokens\u2014worth around $95,000 at the time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As <\/span><i><span style=\"font-weight: 400;\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400;\"> reported on June 17, Iron Finance, another DeFi project that is currently migrating to Polygon, saw the price of its <\/span><a href=\"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/\"><span style=\"font-weight: 400;\">Iron Titanium (TITAN) token plummet by 99%<\/span><\/a><span style=\"font-weight: 400;\"> on the heels of an exploit.<\/span><\/p>\n<p><em>(Correction: An earlier version of this article said the exploit amounted to $248 million. The figures have been updated.)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of SafeDollar (SDO), an algorithmic decentralized finance (DeFi) stablecoin based on the Polygon (MATIC) blockchain, has plummeted to literally zero as a result of what appears to be an exploit today. \u26a0\ufe0f SafeDollar exploited \u26a0\ufe0f Exploit season is coming to Polygon? ? https:\/\/t.co\/evzsUAr695 h\/t @RugDocIO &mdash; defiprime (@defiprime) June 28, 2021 While details [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":193828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,16041],"tags":[65672],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SafeDollar \u2018stablecoin\u2019 drops to $0 following $248,000 DeFi exploit on Polygon<\/title>\n<meta name=\"description\" content=\"The price of SafeDollar (SDO), an algorithmic decentralized finance (DeFi) stablecoin based on the Polygon (MATIC) blockchain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SafeDollar \u2018stablecoin\u2019 drops to $0 following $248,000 DeFi exploit on Polygon\" \/>\n<meta property=\"og:description\" content=\"The price of SafeDollar (SDO), an algorithmic decentralized finance (DeFi) stablecoin based on the Polygon (MATIC) blockchain.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-28T09:37:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-18T18:09:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/safedollar-exploit-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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