Dogecoin (CRYPTO: DOGE) co-creator Billy Markus referred to an attack on Polygon (CRYPTO: MATIC)-based stablecoin SafeDollar and said nothing is 100% safe while advising investors to exercise prudence.
What Happened: Markus’ comments were made on Twitter where he said the “ABC of crypto” implies “Always Be Careful.”
See Also: How To Buy Dogecoin (DOGE)
The Dogecoin co-creator said, “The crypto scene is full to the brim with BS. Nothing is 100% ‘safe,’ all values rely on other people’s money, and the actually engineering things is something that almost no one really understands.”
The supposed exploit could have been worth $250,000 and used USDC (CRYPTO: USDC) and Tether (CRYPTO: USDT) stablecoins, as per a tweet from DeFi analytics website Rugdoc.io.
— Rugdoc.io (@RugDocIO) June 28, 2021
SafeDollar traded at $0 at press time, according to the project’s website. DOGE traded 0.28% lower at $0.26, while MATIC traded 2.96% higher at $1.13 in the same time frame.
Why It Matters: As per SafeDollar’s Telegram channel, all activities have been paused and investigations are underway.
The channel said, “IMPORTANT: PLEASE STOP ALL TRADING RELATED TO $SDO.”
SafeDollar acknowledged another attack on it this month in a blog post. That exploit resulted in a loss of 9,959 SafeDollar. At that time, the protocol’s share tokens traded for almost $95,000.
“SafeDollar team will use $100,000 USDC and SDS from Dev fund to provide back 9,959.29 SDS for IDO buyers to claim their SDS,” as per the SafeDollar post.
Markus had earlier warned investors on taking out loans to invest in volatile assets such as cryptocurrencies and stonks and called such a move “absolutely bonkers.”