SafeDollar Defi Suffers Exploit and losses $250k

I guess anything that has “safe” in it is not safe anymore.
It’s becoming a normal rugpull and exploits on the polygon blockchain recently and another Defi has added to the list. In early June Malt protocol experienced a huge downside of the flexible supply for its algorithmic stable coins. Another project built on the polygon blockchain called polywhale was also shutdown as the developers seemed to be scammers after pulling out and dumping $1 million worth of the token.

Now the SafeDollar stable coin is the latest that suffered an exploit. The project would have crashed to zero with their initial loss being $248 million but it appears that the project only lost $250k. Their development haven’t announced it issued any announcement yet on Twitter but they issued warnings to the user on attacks. So they advised users to suspend trading of the token. But a crypto analyst made this known known in his tweet:

Sources say that this is the second time that the SafeDollar is experiencing an exploit in less than 10 days. The first time $95,000 worth of the token was lost. This narrows to the question, does polygon have a security flaw?

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