SafeDollar ‘stablecoin’ drops to $0 following $248 million DeFi exploit on Polygon

When you design a cryptocurrency, you’ve got to design for crash-ability. It’s not enough to design something that works well; you need to design something that will be able to handle the inevitable failure. That’s very different from the way most companies design their products—they wait until everything’s working perfectly, then they ship it. The design process for cryptocurrency is different. It’s similar to how the U.S. military expects fighter planes to work on a mission, not after they’ve been assembled.

The SafeDollar cryptocurrency (also known as USDT) was hit by a DDoS attack on Polygon’s network yesterday. The story was first reported by Forbes and CoinDesk, which reported that a team of cybercriminals exploited a vulnerability in Polygon’s infrastructure to steal $248 million worth of the cryptocurrency in an attack carried out over a four-hour period.

Empowering the world with blockchain technology may seem like a lofty goal, but cryptocurrency aficionados agree: it’s happening. Just last week, the “stablecoin” known as Syscoin dropped to $0, as the result of a successful exploit on the Polygon exchange.. Read more about what are stablecoins and let us know what you think.

The price of SafeDollar (SDO), a decentralized financial (DeFi) algorithmic steblecoin based on the Polygon blockchain (MATIC), literally dropped to zero today in what appears to be a massive multi-million dollar attack.

⚠️ SafeDollar is operated ⚠️.

The work season is coming to Polygon?

h/t @RugDocIO

– defiprime (@defiprime) 28. June 2021

Although details are still scarce, blockchain researcher Polygonscan reveals that $202 million USDDC and $46 million USDT were suddenly withdrawn from the SDO smart contract today – for a total of about $248 million.

As a result, the price of the SafeDollar, which should always be $1 because it is a stable currency, has dropped to zero, according to the protocol’s own website.

SafeDollar was attacked. Image: Telegram

It is interesting to note that this is not even the first time the SDO has been active. Just a week ago, the developers of SafeDollar released a post-mortem on the exploit that resulted in the loss of 9,959 SDS tokens, which were worth about $95,000 at the time.

Like the 17th. In June, Iron Finance, another DeFi project currently migrating to Polygon, saw the price of its Iron Titanium (TITAN) tokens drop by 99% due to an exploit.

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