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Stablecoin SafeDollar Hit by Cyberattack
The stablecoin's value drops to zero.
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.
STORY CONTINUES BELOW
- 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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
