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.
- 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.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.