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Start Earning Interest Menu Search CryptoSlate Buy on ByBit Sign In Get Edge Close Window * Home * Trending * News * Assets * People * Companies * Products * Places * More * CryptoSlate Edge * Newsletter * Telegram * Twitter * LinkedIn * Instagram * About * Advertising * Disclaimers * FAQ * Media * Support Read the latest > DeFi Dfyn expands to OKExChain with new 'AMM' nodeDfyn expands to OKExChain with new 'AMM' node Dfyn expands to OKExChain with new 'AMM' node Shaurya Malwa * 9 hours ago * 2 min read SafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on PolygonSafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on Polygon SafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on Polygon Liam Frost * 12 hours ago * 2 min read Read the latest > ETH 2.0 Developer 'rug pulls' Ethereum DeFi project SharedStake, SGT token falls 95%Developer 'rug pulls' Ethereum DeFi project SharedStake, SGT token falls 95% Developer 'rug pulls' Ethereum DeFi project SharedStake, SGT token falls 95% Ana Grabundzija * 5 days ago * 2 min read Second-largest ETH2 staking pool sues Fireblocks after $75 million Ethereum blunderSecond-largest ETH2 staking pool sues Fireblocks after $75 million Ethereum blunder Second-largest ETH2 staking pool sues Fireblocks after $75 million Ethereum blunder Ana Grabundzija * 5 days ago * 2 min read Read the latest > NFTs This company promises a new era for blockchain gaming with mainnet launchThis company promises a new era for blockchain gaming with mainnet launch This company promises a new era for blockchain gaming with mainnet launch News Desk * 17 hours ago * 2 min read This crypto founder tells us why NFTs are the future of digital assetsThis crypto founder tells us why NFTs are the future of digital assets This crypto founder tells us why NFTs are the future of digital assets CryptoSlate Interviews * 3 days ago * 1 read Trending News SafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on PolygonSafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on Polygon SafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on Polygon Liam Frost * 12 hours ago * 2 min read Cardano (ADA) adds 50,000 new 'staking' addresses in just 3 weeks Cardano (ADA) adds 50,000 new 'staking' addresses in just 3 weeks Cardano (ADA) adds 50,000 new 'staking' addresses in just 3 weeks Ana Grabundzija * 1 day ago * 2 min read Elon Musk breaks his crypto hiatus by seconding Dogecoin's fun nature Elon Musk breaks his crypto hiatus by seconding Dogecoin's fun nature Elon Musk breaks his crypto hiatus by seconding Dogecoin's fun nature Samuel Wan * 3 days ago * 2 min read JPMorgan says Bitcoin may dump to $25,000, cites Grayscale's GBTC unlocksJPMorgan says Bitcoin may dump to $25,000, cites Grayscale's GBTC unlocks JPMorgan says Bitcoin may dump to $25,000, cites Grayscale's GBTC unlocks Shaurya Malwa * 4 days ago * 2 min read Nothing will 'stop' Bitcoin in El Salvador, says President after IMF, World Bank criticismNothing will 'stop' Bitcoin in El Salvador, says President after IMF, World Bank criticism Nothing will 'stop' Bitcoin in El Salvador, says President after IMF, World Bank criticism Samuel Wan * 4 days ago * 2 min read Strike's Jack Mallers sets the record straight as Fox makes case against Bitcoin in El SalvadorStrike's Jack Mallers sets the record straight as Fox makes case against Bitcoin in El Salvador Strike's Jack Mallers sets the record straight as Fox makes case against Bitcoin in El Salvador Samuel Wan * 3 days ago * 3 min read News Categories * Academia * Adoption * Analysis * Culture * DeFi * Derivatives * Exchanges * Hacks * Interview * Investments * Mining * Opinion * Partnerships * People * Privacy * Regulation * Rumors * Taxes * Technology * Trading * Scams Crypto News * Aave * Bitcoin * Cardano * Chainlink * Cosmos * Ethereum * Dogecoin * Litecoin * Polkadot * Stellar * Synthetix * Tether * Tezos * Uniswap * VeChain * XRP * 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North America * Canada * U.S. * New York * San Francisco * Seattle * Wyoming Other + Africa + Australia + Venezuela Close Window [ ] [] Trending Coins PolygonPolygon Polygon CardanoCardano Cardano DogecoinDogecoin Dogecoin SHIBA INUSHIBA INU SHIBA INU BitcoinBitcoin Bitcoin XRPXRP XRP SolanaSolana Solana EthereumEthereum Ethereum Binance CoinBinance Coin Binance Coin Companies JPMorganJPMorgan JPMorgan FTXFTX FTX BinanceBinance Binance People Max KeiserMax Keiser Max Keiser John McAfeeJohn McAfee John McAfee Sam Bankman-FriedSam Bankman-Fried Sam Bankman-Fried Andrew FaiAndrew Fai Andrew Fai Close Window Welcome, * Access Edge * Account * Sign Out Recent Stories Ranging weekend for Bitcoin and Ethereum as 'bearish' inflows threaten market recoveryRanging weekend for Bitcoin and Ethereum as 'bearish' inflows threaten market recovery Ranging weekend for Bitcoin and Ethereum as 'bearish' inflows threaten market recovery Rohan Jethi * 1 day ago * 2 min read Bullish or bearish? Crypto analysts share views for the rest of 2021 Bullish or bearish? Crypto analysts share views for the rest of 2021 Bullish or bearish? Crypto analysts share views for the rest of 2021 Antonio Madeira * 4 days ago * 7 min read The 'crab' market: Bitcoin hovers near $30,000, Ethereum fails to break $2,000The 'crab' market: Bitcoin hovers near $30,000, Ethereum fails to break $2,000 The 'crab' market: Bitcoin hovers near $30,000, Ethereum fails to break $2,000 Rohan Jethi * 5 days ago * 2 min read Ethereum, BNB, XRP see big drops as Bitcoin hashrate falls. What's next?Ethereum, BNB, XRP see big drops as Bitcoin hashrate falls. What's next? Ethereum, BNB, XRP see big drops as Bitcoin hashrate falls. What's next? Rohan Jethi * 7 days ago * 2 min read Stablecoin 'yield' deposits nearly doubled last month even as Bitcoin crashedStablecoin 'yield' deposits nearly doubled last month even as Bitcoin crashed Stablecoin 'yield' deposits nearly doubled last month even as Bitcoin crashed Ana Grabundzija * 1 week ago * 2 min read Bybit's Bonus Bash $1,000 Bonus to be Won! Join Now DeFi SafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on Polygon SafeDollar (SDO) stablecoin proved to be anything but stable today as its price collapsed on the heels of an alleged cyberattack. Liam Frost * June 28, 2021 at 10:37 am UTC * 2 min read SafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on PolygonSafeDollar 'stablecoin' drops to $0 following $248,000 DeFi exploit on Polygon Liam Frost Journalist @ CryptoSlate Info Twitter Share Tweet Post Share Post Email The price of SafeDollar (SDO), an algorithmic decentralized finance ( DeFi) stablecoin based on the Polygon (MATIC) blockchain, has plummeted to literally zero as a result of what appears to be an exploit today. [?][?] SafeDollar exploited [?][?] Exploit season is coming to Polygon? https://t.co/evzsUAr695 h/t @RugDocIO -- defiprime (@defiprime) June 28, 2021 While details are yet scarce, block explorer Polygonscan shows that 202,000 USDC and 46,000 USDT stablecoins were suddenly drained from SDO's smart contract today--worth around $248,000 in total. As a result, SafeDollar's price--which was supposed to always be equal to $1 since it's a stablecoin--has plummeted to zero, according to the protocol's own website. The price of SafeDollar collapsed to zeroThe price of SafeDollar collapsed to zeroThe price of SafeDollar collapsed to zero Stablecoins are a special type of cryptocurrency tokens that are pegged to certain fiat currencies, usually the U.S. dollar. They are designed to always retain the value of their corresponding assets and--in theory--should always be tradeable or redeemable in a one-to-one ratio. In SafeDollar's case, the stablecoin uses a combination of "unique features of seigniorage, deflation protocol and synthetic assets" as its basis. SafeDollar takes protective measures The attack was also confirmed in a Telegram channel called "SafeDollar Announcements" today, with developers urging users to stop all operations with SDO and ostensibly promising to come up with a compensation plan in the future. "SafeDollar has been under attack. We have paused activities on SafeDollar and investigating the matter. IMPORTANT: PLEASE STOP ALL TRADING RELATED TO $SDO. We will announce the post-mortem after the investigation done with compensation plan for Liquidity Providers," said the announcement. "SafeDollar has been under attack." Image: Telegram"SafeDollar has been under attack." Image: Telegram"SafeDollar has been under attack." Image: Telegram Notably, this is not even the first time SDO was exploited. Just a week ago, SafeDollar developers published a "Postmortem Analysis" about an exploit that resulted in the loss of the protocol's 9,959 SDS tokens--worth around $95,000 at the time. As CryptoSlate reported on June 17, Iron Finance, another DeFi project that is currently migrating to Polygon, saw the price of its Iron Titanium (TITAN) token plummet by 99% on the heels of an exploit. (Correction: An earlier version of this article said the exploit amounted to $248 million. The figures have been updated.) Get an edge on the cryptoasset market Access more crypto insights and context in every article as a paid member of CryptoSlate Edge. On-chain analysis Price snapshots More context Join now for $19/month Explore all benefits Posted In: Altcoins, DeFi, Hacks Like what you see? Subscribe for updates. You might also enjoy... Another day, another hack: $2m in DAI drained from Ethereum DeFi app AkropolisAnother day, another hack: $2m in DAI drained from Ethereum DeFi app Akropolis Another day, another hack: $2m in DAI drained from Ethereum DeFi app Akropolis With billions of dollars on the line, it is no surprise that the decentralized finance (DeFi) space has been rife with hacks and exploits on innocent contracts. 2 min read - Binance Smart Chain DeFi project BurgerSwap hacked for $7 million Binance Smart Chain DeFi project BurgerSwap hacked for $7 million Binance Smart Chain DeFi project BurgerSwap hacked for $7 million BurgerSwap, a decentralized finance (DeFi) platform based on smart contracts network Binance Smart Chain (BSC), fell victim to a so-called flash loan attack today, allowing the malicious actor to get away with roughly $7.2 million worth of tokens. 2 min read - Binance Smart Chain sounds alarm over 'well-organized' DeFi attacks Binance Smart Chain sounds alarm over 'well-organized' DeFi attacks Binance Smart Chain sounds alarm over 'well-organized' DeFi attacks Following a series of high-profile, multimillion hacker attacks on several decentralized finance (DeFi) platforms based on Binance Smart Chain, the network has issued an official "call for action" to developers. 2 min read - Spend with the Crypto.com Visa Card and get up to 8% back Join 10m+ users trading 100+ cryptocurrencies at true cost Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. You're not getting the full story Access more crypto insights in every article as a paid member of CryptoSlate Edge. Join now for $19/month Explore all benefits Edge Exclusive Ranging weekend for Bitcoin and Ethereum as 'bearish' inflows threaten market recoveryRanging weekend for Bitcoin and Ethereum as 'bearish' inflows threaten market recovery Ranging weekend for Bitcoin and Ethereum as 'bearish' inflows threaten market recovery Bitcoin and Ethereum prices fell by almost 15% going into the weekend as BTC faced rejection at the $35,000 region once again. Rohan Jethi * 1 day ago * 2 min read Bullish or bearish? Crypto analysts share views for the rest of 2021 Bullish or bearish? Crypto analysts share views for the rest of 2021 Bullish or bearish? Crypto analysts share views for the rest of 2021 It appears that the cryptocurrency industry is positioned to continue its growth from a long-term perspective. Antonio Madeira * 4 days ago * 7 min read The 'crab' market: Bitcoin hovers near $30,000, Ethereum fails to break $2,000The 'crab' market: Bitcoin hovers near $30,000, Ethereum fails to break $2,000 The 'crab' market: Bitcoin hovers near $30,000, Ethereum fails to break $2,000 Cryptocurrency markets bounced upward yesterday after a big drop with Bitcoin and Ethereum being up by 15% and 17% respectively. Rohan Jethi * 5 days ago * 2 min read This uncanny way is how crypto lawyer Gordon Einstein values Bitcoin (plus THE DAO, crypto legalities, and more!)This uncanny way is how crypto lawyer Gordon Einstein values Bitcoin (plus THE DAO, crypto legalities, and more!) Video This uncanny way is how crypto lawyer Gordon Einstein values Bitcoin (plus THE DAO, crypto legalities, and more!) The arguably young Bitcoin market attracts people from many disciplines. Shaurya Malwa * 5 days ago * 2 min read Olyseum launches the world's first experiential NFT platform to strengthen celebrity-fan engagementOlyseum launches the world's first experiential NFT platform to strengthen celebrity-fan engagement Press Release Olyseum launches the world's first experiential NFT platform to strengthen celebrity-fan engagement Geneva, Switzerland, 28th June, 2021 -- Olyseum, a blockchain-powered social ecosystem that rewards fan engagement, is excited to announce that it has launched the world's first star-led experiential NFT (xNFT) platform. Get an edge on the market Join now Got a story tip? 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