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Safe Dollar

avoid.net/safe-dollar→4/100·88% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·4SnD47…hZ8G

Summary

Safe Dollar (SDO) was an algorithmic stablecoin launched on the Polygon network in June 2021 that collapsed to zero within two weeks of its initial DEX offering. The protocol suffered two separate exploits in rapid succession, with the second draining approximately $248,000 in USDC and USDT from its liquidity pools by exploiting a reward-calculation flaw that allowed unlimited SDO minting. The project was flagged as a high-risk entity by on-chain investigators and DeFi security researchers, and its stablecoin peg was never restored.

Connected Entities

5 entities · 60 linked investigations
Organizations
□Polygon54□Titan□ZachXBT82□Safe Dollar
Protocols
⌂Iron Finance10
Relationships
  • Safe Dollar→mentioned with→ZachXBT(70%)
  • Safe Dollar→mentioned with→Polygon(80%)
  • Titan→mentioned with→Polygon(80%)
  • Iron Finance→mentioned with→Titan(70%)
  • Safe Dollar→mentioned with→Iron Finance(80%)
  • Safe Dollar→mentioned with→Titan(65%)
  • Titan→mentioned with→Iron Finance(80%)
  • Iron Finance→mentioned with→Polygon(70%)
Also appears in
Iron Finance·10Polygon·54StableMagnet·2Shibarium·28Dean Daghita / CMDSS (Command Services and Support)·0Nexera·32SafePal·42BearnFi·12Gurhan Kiziloz·0PAAL AI·28+ 50 more

Connected Through

4 shared actors · 565 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Safe Dollar?

Timeline(8 events)

14 June 2021

SafeDollar completes its Initial DEX Offering (IDO) on PolyDEX's PolyLAUNCH platform, selling out within 22 hours.

SafeDollar Medium / CryptoSlate

20 June 2021

First exploit: SafeDollar's IDO vault is compromised, resulting in the theft of 9,959 SDS share tokens valued at approximately $95,000.

Decrypt / CryptoSlate

22 June 2021

SafeDollar team publishes a post-mortem analysis of the first exploit, concluding that 'the SafeDollar protocol is working normally.'

SafeDollar Medium

28 June 2021

Second and fatal exploit executed at 03:48:36 UTC. Attacker (0xfedc2487ed4bb740a268c565dacdd39c17be7ebd) manipulates the PLX v1 pool reward formula to mint 831 quadrillion SDO tokens, then dumps them, draining 202,230 USDC and 46,000 USDT (~$248,000) from liquidity pools. SDO price collapses to zero.

CoinDesk / SafeDollar Post-Mortem / CryptoSlate

28 June 2021

RugDoc.io flags the exploit on Twitter. SafeDollar team posts on Telegram urging users to halt all SDO trading and announces a pause on all protocol activities.

CryptoSlate / BeInCrypto

29 June 2021

Major crypto outlets including Decrypt, CoinDesk, Newsweek, and CryptoSlate publish coverage of the SafeDollar collapse.

Newsweek

July 2021

SafeDollar team publishes 'Move Forward' plan outlining SDO v2 relaunch, SafeUSDC synthetic asset, and a compensation framework for affected liquidity providers and SDO holders based on a pre-exploit snapshot.

SafeDollar Medium

12 July 2021

SDO v2 relaunch scheduled per the team's compensation plan. No independent verification of full compensation distribution to affected users is documented in available public sources.

SafeDollar Medium
Provenance & Audit Trail
Anchored on SolanaVerify on-chain13 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 13 of 17 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:56 AM

last updated: 8/29/2026, 1:34:40 AM

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