Thieves have struck a blow against the SafeDollar DeFi protocol. The attack drove the value of the supposed stable coin to zero.
If a stablecoin self-confidently advertises that it will become the “safest stablecoin in the DeFi sector” and then suddenly becomes worthless due to an exploit, there is a certain irony. This is exactly what happened to SafeDollar (SDO). As various media reports unanimously, stablecoins with a total value of 248,000 US dollars were stolen from the SafeDollar smart contract on the Polygon (MATIC) blockchain. The stolen property consists of two different stablecoins that were stored on the smart contract: The thieves stole Tether (USDT) worth around 46,000 USD and US dollar coin (USDC) worth around 202,000 USD, as on polygonscan .com is visible.
SafeDollar has now also confirmed the exploit via Telegram.
SafeDollar has been attacked. We have paused activities on SafeDollar and are investigating the matter.
SafeDollar Telegram Group
The alleged attack hit the smart contract like lightning. Within seconds of the exploit becoming known, the price of the stablecoin, which was no longer so stable, literally fell to zero.
It is still completely unclear who is behind the attack.
DeFi hacks are not uncommon. BTC-ECHO repeatedly reports on so-called exploits, i.e. the tapping of insufficiently secured coins that are stored on DeFi protocols. The compound fork EasyFi was the hit in this discipline . In April of this year, hackers eased the log by a whopping 80 million US dollars .