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{"actor":"system:backfill","investigation_id":"a91fddab-966f-408e-8a80-b02c536fad7b","kind":"publish","page_slug":"safe-dollar","published_at":"2026-05-30T12:11:41.586Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Safe Dollar","sections":[{"content":"","heading":"","severity":"high","sources":[{"credibility":2,"name":"SafeDollar — The Next Generation Algo Stablecoin on Polygon (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-the-next-generation-algo-stablecoin-on-polygon-bf1453b50155"},{"credibility":2,"name":"SafeDollar IDO on PolyLAUNCH (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-ido-on-polylaunch-polydex-ido-launchpad-8204108816e7"},{"credibility":2,"name":"Polygon Project SafeDollar Crashes to Zero After Attack (Crypto Briefing)","type":"news_article","url":"https://cryptobriefing.com/polygon-project-safedollar-crashes-zero-after-attack/"}]},{"content":"","heading":"","severity":"high","sources":[{"credibility":2,"name":"SafeDollar Post-Mortem Analysis (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-post-mortem-analysis-cb2769fe059"},{"credibility":2,"name":"SafeDollar stablecoin drops to $0 following $248,000 DeFi exploit on Polygon (CryptoSlate)","type":"news_article","url":"https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/"},{"credibility":2,"name":"Not So Safe: SafeDollar Stablecoin Falls to $0 After Exploit (Decrypt)","type":"news_article","url":"https://decrypt.co/74656/not-so-safe-safedollar-stablecoin-falls-to-0-after-exploit"}]},{"content":"","heading":"","severity":"critical","sources":[{"credibility":2,"name":"SafeDollar Post-Mortem Analysis — technical exploit details (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-post-mortem-analysis-cb2769fe059"},{"credibility":1,"name":"Stablecoin SafeDollar Hit by Cyberattack (CoinDesk)","type":"news_article","url":"https://www.coindesk.com/markets/2021/06/28/stablecoin-safedollar-hit-by-cyberattack"},{"credibility":2,"name":"SafeDollar stablecoin drops to $0 following $248,000 DeFi exploit on Polygon (CryptoSlate)","type":"news_article","url":"https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/"},{"credibility":1,"name":"SafeDollar Price Hits Zero Despite Being Stablecoin (Newsweek)","type":"news_article","url":"https://www.newsweek.com/safedollar-price-hits-zero-despite-being-stablecoin-developers-blame-hack-1605063"},{"credibility":2,"name":"Polygon-Based DeFi Stablecoin Safedollar Plunges to Zero (Bitcoin.com News)","type":"news_article","url":"https://news.bitcoin.com/polygon-based-defi-stablecoin-safedollar-plunges-to-zero-team-is-investigating-exploit/"},{"credibility":2,"name":"SafeDollar Stablecoin Not Safe nor Stable: Hack Sends Value to ZERO (Security Boulevard)","type":"news_article","url":"https://securityboulevard.com/2021/06/safedollar-stablecoin-not-safe-nor-stable-hack-sends-value-to-zero/"}]},{"content":"","heading":"","severity":"critical","sources":[{"credibility":2,"name":"SafeDollar stablecoin drops to $0 following $248,000 DeFi exploit on Polygon (CryptoSlate)","type":"news_article","url":"https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/"},{"credibility":2,"name":"SafeDollar Stablecoin Plummets to Zero After Exploit (The Defiant)","type":"news_article","url":"https://thedefiant.io/news/defi/safedollar-stablecoin-plummets-to-zero-after-exploit"},{"credibility":2,"name":"SafeDollar DeFi suffers exploit loss of $250k (Cryptonary)","type":"news_article","url":"https://www.cryptonary.com/safedollar-defi-suffers-exploit-loss-of-250k-does-polygon-have-a-security-flaw/"}]},{"content":"","heading":"","severity":"high","sources":[{"credibility":2,"name":"SafeDollar Move Forward Plan: upgrade SDO v2 and launching of Safe Assets (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-compensation-and-move-forward-plan-c3220a8d339d"},{"credibility":2,"name":"Polygon-Based DeFi Stablecoin Safedollar Plunges to Zero (Bitcoin.com News)","type":"news_article","url":"https://news.bitcoin.com/polygon-based-defi-stablecoin-safedollar-plunges-to-zero-team-is-investigating-exploit/"},{"credibility":2,"name":"Not So Safe: SafeDollar Stablecoin Falls to $0 After Exploit (Decrypt)","type":"news_article","url":"https://decrypt.co/74656/not-so-safe-safedollar-stablecoin-falls-to-0-after-exploit"}]},{"content":"","heading":"","severity":"critical","sources":[{"credibility":2,"name":"SafeDollar Stablecoin Not Safe nor Stable: Hack Sends Value to ZERO (Security Boulevard)","type":"news_article","url":"https://securityboulevard.com/2021/06/safedollar-stablecoin-not-safe-nor-stable-hack-sends-value-to-zero/"},{"credibility":2,"name":"Takeaways from the SafeDollar Stablecoin Hack (Blockwich)","type":"research","url":"https://www.blockwich.com/articles/takeaways-from-the-safedollar-stablecoin-hack"},{"credibility":2,"name":"DeFi Exploit Streak Hits Polygon, SafeDollar Crashes to Zero (BeInCrypto)","type":"news_article","url":"https://beincrypto.com/defi-exploit-streak-hits-polygon-safedollar-crashes-zero/"},{"credibility":2,"name":"SafeDollar SDO Stablecoin Finds Safety at the $0 Level (WCCFTech)","type":"news_article","url":"https://wccftech.com/safedollar-sdo-stablecoin-finds-safety-at-the-0-level-after-an-exploit-manages-to-trick-the-polygon-based-platforms-transaction-fee-algorithm/"}]},{"content":"","heading":"","severity":"high","sources":[{"credibility":2,"name":"ZachXBT — Investigations by ZachXBT (Telegram)","type":"social_media","url":"https://t.me/s/investigations"},{"credibility":2,"name":"Who is ZachXBT? (99Bitcoins)","type":"news_article","url":"https://99bitcoins.com/people/who-is-zachxbt/"},{"credibility":2,"name":"SafeDollar crashes to zero after cyberattack (Nairametrics)","type":"news_article","url":"https://nairametrics.com/2021/06/29/safedollar-crashes-to-zero-after-attack/"}]}],"sources_used":[{"credibility":2,"name":"SafeDollar — The Next Generation Algo Stablecoin on Polygon (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-the-next-generation-algo-stablecoin-on-polygon-bf1453b50155"},{"credibility":2,"name":"SafeDollar IDO on PolyLAUNCH (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-ido-on-polylaunch-polydex-ido-launchpad-8204108816e7"},{"credibility":2,"name":"SafeDollar Post-Mortem Analysis (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-post-mortem-analysis-cb2769fe059"},{"credibility":2,"name":"SafeDollar Move Forward Plan (Medium)","type":"official","url":"https://safedollar.medium.com/safedollar-compensation-and-move-forward-plan-c3220a8d339d"},{"credibility":1,"name":"Stablecoin SafeDollar Hit by Cyberattack (CoinDesk)","type":"news_article","url":"https://www.coindesk.com/markets/2021/06/28/stablecoin-safedollar-hit-by-cyberattack"},{"credibility":1,"name":"SafeDollar Price Hits Zero Despite Being Stablecoin (Newsweek)","type":"news_article","url":"https://www.newsweek.com/safedollar-price-hits-zero-despite-being-stablecoin-developers-blame-hack-1605063"},{"credibility":2,"name":"Not So Safe: SafeDollar Stablecoin Falls to $0 After Exploit (Decrypt)","type":"news_article","url":"https://decrypt.co/74656/not-so-safe-safedollar-stablecoin-falls-to-0-after-exploit"},{"credibility":2,"name":"SafeDollar stablecoin drops to $0 following $248,000 DeFi exploit on Polygon (CryptoSlate)","type":"news_article","url":"https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/"},{"credibility":2,"name":"Polygon Project SafeDollar Crashes to Zero After Attack (Crypto Briefing)","type":"news_article","url":"https://cryptobriefing.com/polygon-project-safedollar-crashes-zero-after-attack/"},{"credibility":2,"name":"DeFi Exploit Streak Hits Polygon, SafeDollar Crashes to Zero (BeInCrypto)","type":"news_article","url":"https://beincrypto.com/defi-exploit-streak-hits-polygon-safedollar-crashes-zero/"},{"credibility":2,"name":"SafeDollar Stablecoin Not Safe nor Stable: Hack Sends Value to ZERO (Security Boulevard)","type":"news_article","url":"https://securityboulevard.com/2021/06/safedollar-stablecoin-not-safe-nor-stable-hack-sends-value-to-zero/"},{"credibility":2,"name":"SafeDollar SDO Stablecoin Finds Safety at the $0 Level (WCCFTech)","type":"news_article","url":"https://wccftech.com/safedollar-sdo-stablecoin-finds-safety-at-the-0-level-after-an-exploit-manages-to-trick-the-polygon-based-platforms-transaction-fee-algorithm/"},{"credibility":2,"name":"Takeaways from the SafeDollar Stablecoin Hack (Blockwich)","type":"research","url":"https://www.blockwich.com/articles/takeaways-from-the-safedollar-stablecoin-hack"},{"credibility":2,"name":"SafeDollar crashes to zero after cyberattack (Nairametrics)","type":"news_article","url":"https://nairametrics.com/2021/06/29/safedollar-crashes-to-zero-after-attack/"},{"credibility":2,"name":"SafeDollar Stablecoin Plummets to Zero After Exploit (The Defiant)","type":"news_article","url":"https://thedefiant.io/news/defi/safedollar-stablecoin-plummets-to-zero-after-exploit"},{"credibility":2,"name":"Polygon-Based DeFi Stablecoin Safedollar Plunges to Zero (Bitcoin.com News)","type":"news_article","url":"https://news.bitcoin.com/polygon-based-defi-stablecoin-safedollar-plunges-to-zero-team-is-investigating-exploit/"},{"credibility":2,"name":"Investigations by ZachXBT (Telegram channel)","type":"social_media","url":"https://t.me/s/investigations"}],"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.","timeline":[{"date":"2021-06-14","event":"SafeDollar completes its Initial DEX Offering (IDO) on PolyDEX's PolyLAUNCH platform, selling out within 22 hours.","source":"SafeDollar Medium / CryptoSlate","source_url":"https://safedollar.medium.com/safedollar-ido-on-polylaunch-polydex-ido-launchpad-8204108816e7"},{"date":"2021-06-20","event":"First exploit: SafeDollar's IDO vault is compromised, resulting in the theft of 9,959 SDS share tokens valued at approximately $95,000.","source":"Decrypt / CryptoSlate","source_url":"https://decrypt.co/74656/not-so-safe-safedollar-stablecoin-falls-to-0-after-exploit"},{"date":"2021-06-22","event":"SafeDollar team publishes a post-mortem analysis of the first exploit, concluding that 'the SafeDollar protocol is working normally.'","source":"SafeDollar Medium","source_url":"https://safedollar.medium.com/safedollar-post-mortem-analysis-cb2769fe059"},{"date":"2021-06-28","event":"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.","source":"CoinDesk / SafeDollar Post-Mortem / CryptoSlate","source_url":"https://www.coindesk.com/markets/2021/06/28/stablecoin-safedollar-hit-by-cyberattack"},{"date":"2021-06-28","event":"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.","source":"CryptoSlate / BeInCrypto","source_url":"https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/"},{"date":"2021-06-29","event":"Major crypto outlets including Decrypt, CoinDesk, Newsweek, and CryptoSlate publish coverage of the SafeDollar collapse.","source":"Newsweek","source_url":"https://www.newsweek.com/safedollar-price-hits-zero-despite-being-stablecoin-developers-blame-hack-1605063"},{"date":"2021-07-01","event":"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.","source":"SafeDollar Medium","source_url":"https://safedollar.medium.com/safedollar-compensation-and-move-forward-plan-c3220a8d339d"},{"date":"2021-07-12","event":"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.","source":"SafeDollar Medium","source_url":"https://safedollar.medium.com/safedollar-compensation-and-move-forward-plan-c3220a8d339d"}]},"v":1}