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Another decentralized finance protocol (DeFi) expands the list of used and funded altcoin projects on Polygon. According to the contract address on the Polygon Scan dashboard, $248 million in USDC and Tether (USDT) was withdrawn from the protocol on June 28, while the SafeDollar (SDO) stablecoin dropped to zero.

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https://twitter. com/RugDocIO/status/1409365551630090243

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SafeDollar contract address lost $248 million!

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SafeDollar is an algorithmic stablecoin that combines the unique features of seigniorage, deflation protocol and synthetic assets. Earlier this month, the protocol airdropped $100,000 of stablecoined SDO tokens to a number of DeFi communities, including bDollar, Iron Finance, MidasDollar, Safemoon, and Quick swap. According to the contract address on the Polygon Scan dashboard, 248 million USDC and Tether were withdrawn from the protocol on June 28, in addition to the entire supply of SafeDollar.

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However, SafeDollar’s official page on Twitter did not share any information about this attack. The protocol’s Telegram channel confirmed the attack, adding that all activities on SafeDollar were paused while investigations continued. The team issued a warning about the attack and urged users to stop SDO operations.

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Source: SafeDollar announcements

Due to the attack, the altcoin price saw zero!

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According to the protocol’s website, the value of altcoin project SafeDollar has dropped to $0. This is not the first time this protocol has been abused. On June 22, SafeDollar provided details of an autopsy following an attack that resulted in the loss of 9,959 SDS tokens, worth approximately $95,000 at the time.

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This protocol represents the latest Polygon-based platform to experience an exploit or crash. Earlier this month, Malt Protocol dropped its flexible algorithm stable supply.Cryptocoin. com

As we previously reported as , for more altcoin news“Master of Ripple: XRP Will Hit These Levels Before Cycle Ends!”

You can review our article .

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