The SafeDollar project has undergone another hack
The Rugdoc DeFi analyst team has reported yet another exploit. This time, the project to develop the algorithmic stablecoin SafeDollar fell victim to hackers.
SafeDollar, despite its big name, turned out to be not so “safe”. Today it became known that a project based on the Polygon blockchain (MATIC) was attacked by cybercriminals. The reason for the collapse of the exchange rate and the loss of funds, according to Rugdoc, was an unverified contract in the blockchain.
This is not the first time in June that a project has fallen victim to hackers. The first incident occurred on June 22, when attackers managed to steal about $95,000 in the equivalent of 9,959 SafeDollar Share (SDS) tokens. Then it was about the coins that participated in the IDO, and the team promised to compensate the losses to all victims in full from the personal fund. In the second attack on June 28, the number of losses, according to Polygon Scan, was about $250,000. On the website of the project itself, the price of SDO tokens fell to 0.
The developers have not yet reported what happened on their official Twitter but warned users of the Telegram channel to stop any operations with tokens pending further investigation. They promised to analyze the incident a little later when they are convinced that the remaining funds of the clients are safe.
The strange moment of the attack was that some claim that the project lost $248 million, while the services pointed to the loss of $202,230 in USDC equivalent and $46,006 in USDT stablecoins.