Société Générale uses a $7 million credit line from MakerDAO
The funds were borrowed in DAI stablecoins against mortgage bonds
13.01.2023 - 10:35
763
3 min
0
What’s new? Analyst Colin Wu has reported that a French financial conglomerate and one of Europe’s largest banks, Société Générale, borrowed 7 million algorithmic stablecoins DAI from the MakerDAO project on January 12, backed by mortgage bonds. Wu posted this information with reference to the transaction on his Twitter. In total, the bank’s line of credit reaches $30 million in DAI.
Source: Twitter.comMakerDAO is a protocol based on the Ethereum blockchain. Maker, a decentralized trading platform, provides a service for lending and borrowing cryptocurrencies. As of January 13, its stablecoin DAI ranks 18th in the cryptocurrency ranking with a market capitalization of $5,08 billion. The native token MKR ranks 63rd with a figure of $589,6 million and is trading at $653, having gained 3,65% in 24 hours, according to Binance.
What else is known? The withdrawal of $7 million from the vault was the bank’s first transaction since the application was approved. In August 2022, MakerDAO added bank subsidiary Societe Generale-Forge (SG-Forge), which specializes in digital assets, to its vault with a credit limit of $30 million in DAI after a unanimous vote. The vault is backed by 40 million EUR in bonds in the form of OFH tokens — tokenized securities issued on the Ethereum platform and backed primarily by home loans with Moody’s Aaa rankings — making the loans overcollateralized.
Société Générale launched custodial services for crypto fund managers in September 2022. The conglomerate is also involved in the process of testing the digital euro jointly with the European Central Bank.
In October 2022, MakerDAO began considering a plan to make DAI more decentralized. It was proposed by platform founder Rune Christensen after sanctions were imposed on crypto mixer Tornado Cash to depeg DAI from large centralized assets that could be frozen or confiscated at the request of regulators.
Useful material?
Telegram 
Twitter Incidents
The company is linking the incident to a compromised private key on a service wallet, rather than a smart contract exploit
May 22, 2026
Incidents
Following the incident, the project temporarily halted trading operations and node activity.
May 15, 2026
Incidents
The user spent weeks unsuccessfully trying to guess the password until Claude helped find an old wallet backup file
May 14, 2026
Crypto regulations
Authorities are introducing mandatory registration for companies handling cross-border crypto transactions
May 8, 2026
Incidents
According to Blockaid, the attack may have been carried out by the same hacker behind the 1inch Fusion V1 exploit.
May 7, 2026
Incidents
The attacker gained administrative access and altered contracts to drain user funds
Apr 30, 2026
Cryptocurrency rates
-
Bitcoin
$63 059
BTC
-5.75%
-
Ethereum
$1 791.05
ETH
-4.08%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.19
XRP
-2.7%
-
Dogecoin
$0.090529
DOGE
-2.9%
-
TRON
$0.160134
TRX
-1.59%
-
Zcash
$620.3
ZEC
-2.77%
-
Cardano
$0.197148
ADA
-7.79%
-
Stellar XLM
$0.206712
XLM
-8.02%
-
Polkadot
$3.32
DOT
+5.27%