cryptops.org : «Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit

According to comments on its Telegram channel the algorithmic Decentralized Finance (SDO) stablecoin safedollar (SDO) was hacked. The safedollar token remained not stable after the attack, because the price of the defiable stablecoin fell to zero.


 

Price Collisions of Safedollar Stablecoin

According to crypto market aggregation sites and even the official website safedollar.fi, A blockchain-based Polygon called an SDO has lost all of its worth. This website reveals that the price is zero per SDO and members of the stablecoin algorithm community have been attacked by the official telegram channel of the project.

"Attack on the Safedollar," posted message on Telegram channel notes from the Safedollar administrator. "We have stopped safedollar activity and [are] looking into the situation. Worth mentioning: Please halt any $SDO trading. After the study is conducted with [a] compensation plan for liquidity providers, we will reveal the aftermath. SAFU is every seed pool. [Your] money are requested to be withdrawn. We will keep you in this channel [on] the current situation."


Details of the assault remain but the contract showed on Polygonscan shows that the SDO smart contract has stifled more than 200,000 USDC and 46,000 USDT. This draining led to a total drop in the value of SDO and Telegram is not very satisfied by community members. Many wait for the administrator's official news and ask whether compensation takes place.

Safedollar Six days before to SDO's collapse

Fairly so, six days ago, a post-mortem study of another assault preceding the collapse was released by the Safedollar stablecoin defi project. The Project Team members announced on June 20: "Recently, Safedollar was the target of an exploit resulting in a loss of SDS 9,959." Post-mortem team found that the "Safedollar Protocol operates normally, without affecting functionality."

Safedollar is among an increasing number of stable coins which have dropped below the dollar forecast. In November 2020, a major flash loan assault took place against the origin of the defi protocol, and the OUSD protocol sunk by 85 percent. The stablecoin fei protocol, sponsored by VC, fell under the USD pad in April 2021. However, these two stablecoins have recovered their USD parity, as OUSD swaps for 0.99 dollars and as written, FEI trades for about 1 dollars.

 

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Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit. The algorithmic decentralized finance (defi) ...
Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit. The safedollar token did not remain stable ...
The safedollar token did not remain stable following the attack, as the defi stablecoin's price collapsed to zero.» ... Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit. The safedollar ...

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