Cryptoassets that remain stable in value and do not see much variations are a safer bet and these are backed by a asset indeed. Nonetheless, the algorithmic decentralized finance (defi) stablecoin safedollar (SDO) has been hacked and it has dived in value to zero.
The safedollar on its Telegram channel revealed about the hack. From the official safedollar.fi as well as the various crypto assets aggregation sites it has been confirmed that the stablecoin has collapsed.
"Safedollar has been under attack," the Safedollar administrator's added statement to the Telegram channel notes. "We have paused activities on safedollar and [are] investigating the matter. Important: Please stop all trading related to $SDO. We will announce the post-mortem after the investigation is done with [a] compensation plan for Liquidity Providers. All Seed Pools are SAFU. Please withdraw [your] funds. We will keep you updated [on the] latest status in this channel."