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Stablecoin SafeDollar Hit by Cyberattack
The stablecoin's value drops to zero.
Updated Sep 14, 2021, 1:17 p.m. Published Jun 28, 2021, 8:37 a.m.
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.
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- 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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