ID:
safedollar-318
100 pts
Platform:
Type:
Category:
Method:
Data Sources:
Polygon
Stablecoin
Yield
Flash Loans
Extended Method:
Flash loan attack
Days in Operation:
470
(1.29 Years)
100 pts each
SafeDollar, a crypto token that’s pegged to the U.S. dollar, crashed this week. The team behind the Polygon-based stablecoin claim it had been hacked. Or, at least, they claim there was a vulnerability that a hacker exploited. By repeatedly moving money in and out, the system got confused and drove up the price per share, only for the hacker to withdraw it all. That caused the cryptocurrency’s price to drop to $0, while the hacker got away with $250,000 in USDC and USDT.
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