Buy CryptoMarketsSpotFuturesGOLDEarnEvent Centre
More
The post Yala’s Bitcoin-Backed Stablecoin YU Loses Dollar Peg After Exploit appeared on BitcoinEthereumNews.com. The team has said that they are collaborating with SlowMist, a blockchain security startup, and other security partners in their investigation into the hack. Moreover, the team assured users that their assets would be secure and that no other protocol functionalities would be impacted. After a precipitous “attempted attack” early Sunday caused Yala’s Bitcoin-backed stablecoin YU to crash below $0.2046, it has been unable to recover its dollar peg. In an X post, the Yala crew verified the occurrence and said it “briefly impacted YU’s peg.” Additionally, the team has said that they are collaborating with SlowMist, a blockchain security startup, and other security partners in their investigation into the hack. The team wrote in their latest post on X: “Update: All funds are safe. Bitcoin deposited to Yala remains self-custodial or in vaults, with none lost. We’ve identified issues and, as a precaution, paused some product features. Please wait for our green light before re-engaging.” To make things even more stable, Yala has turned off the Convert and Bridge functions. In a subsequent post, the team assured users that their assets would be secure and that no other protocol functionalities would be impacted. Damages Not Disclosed Yet Whether or whether the hack was successful and caused damages was not disclosed by the Yala team. Nevertheless, according to Lookonchain, a blockchain analytics company, the perpetrator took use of the Yala protocol by creating 120 million YU tokens on Polygon (MATIC), and then trading 7.7 million YU for 7.7,000,000 USDC on Solana and Ethereum. According to Lookonchain, the hacker has subsequently split the USDC into 1,501 ETH and sent the money to several wallets. An further 90 million YU are still unbridged on Polygon, and the attacker still has 22.29 million YU on Solana and Ethereum. A $1 peg is intended to be… The post Yala’s Bitcoin-Backed Stablecoin YU Loses Dollar Peg After Exploit appeared on BitcoinEthereumNews.com. The team has said that they are collaborating with SlowMist, a blockchain security startup, and other security partners in their investigation into the hack. Moreover, the team assured users that their assets would be secure and that no other protocol functionalities would be impacted. After a precipitous “attempted attack” early Sunday caused Yala’s Bitcoin-backed stablecoin YU to crash below $0.2046, it has been unable to recover its dollar peg. In an X post, the Yala crew verified the occurrence and said it “briefly impacted YU’s peg.” Additionally, the team has said that they are collaborating with SlowMist, a blockchain security startup, and other security partners in their investigation into the hack. The team wrote in their latest post on X: “Update: All funds are safe. Bitcoin deposited to Yala remains self-custodial or in vaults, with none lost. We’ve identified issues and, as a precaution, paused some product features. Please wait for our green light before re-engaging.” To make things even more stable, Yala has turned off the Convert and Bridge functions. In a subsequent post, the team assured users that their assets would be secure and that no other protocol functionalities would be impacted. Damages Not Disclosed Yet Whether or whether the hack was successful and caused damages was not disclosed by the Yala team. Nevertheless, according to Lookonchain, a blockchain analytics company, the perpetrator took use of the Yala protocol by creating 120 million YU tokens on Polygon (MATIC), and then trading 7.7 million YU for 7.7,000,000 USDC on Solana and Ethereum. According to Lookonchain, the hacker has subsequently split the USDC into 1,501 ETH and sent the money to several wallets. An further 90 million YU are still unbridged on Polygon, and the attacker still has 22.29 million YU on Solana and Ethereum. A $1 peg is intended to be…

Yala’s Bitcoin-Backed Stablecoin YU Loses Dollar Peg After Exploit

Author: BitcoinEthereumNews
Source: BitcoinEthereumNews
2025/09/15 08:44
2 min read
YALA
YALA$0.0006834-4.99%
BRIDGE
BRIDGE$0.01626-8.85%
MORE
MORE$0.0004568-3.36%
USDC
USDC$1+0.01%
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
  • The team has said that they are collaborating with SlowMist, a blockchain security startup, and other security partners in their investigation into the hack.
  • Moreover, the team assured users that their assets would be secure and that no other protocol functionalities would be impacted.

After a precipitous “attempted attack” early Sunday caused Yala’s Bitcoin-backed stablecoin YU to crash below $0.2046, it has been unable to recover its dollar peg.

In an X post, the Yala crew verified the occurrence and said it “briefly impacted YU’s peg.” Additionally, the team has said that they are collaborating with SlowMist, a blockchain security startup, and other security partners in their investigation into the hack.

The team wrote in their latest post on X:

To make things even more stable, Yala has turned off the Convert and Bridge functions. In a subsequent post, the team assured users that their assets would be secure and that no other protocol functionalities would be impacted.

Damages Not Disclosed Yet

Whether or whether the hack was successful and caused damages was not disclosed by the Yala team. Nevertheless, according to Lookonchain, a blockchain analytics company, the perpetrator took use of the Yala protocol by creating 120 million YU tokens on Polygon (MATIC), and then trading 7.7 million YU for 7.7,000,000 USDC on Solana and Ethereum.

According to Lookonchain, the hacker has subsequently split the USDC into 1,501 ETH and sent the money to several wallets. An further 90 million YU are still unbridged on Polygon, and the attacker still has 22.29 million YU on Solana and Ethereum.

A $1 peg is intended to be maintained by YU, which is supported by overcollateralized Bitcoin reserves. Despite the project’s $119 million market cap, DEX Screener reports that its Ethereum pool only has $340,000 in USDC liquidity. After falling to a low of $0.2046, YU recovered and was trading at $0.917. But since then, the stablecoin has been under scrutiny and has been unable to regain its peg.

Highlighted Crypto News Today:

DOGE Price Seen Leading The Altseason In Top Ten Cryptocurrencies

Source: https://thenewscrypto.com/yalas-bitcoin-backed-stablecoin-yu-loses-dollar-peg-after-exploit/

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

BlackRock boosts AI and US equity exposure in $185 billion models

BlackRock boosts AI and US equity exposure in $185 billion models

The post BlackRock boosts AI and US equity exposure in $185 billion models appeared on BitcoinEthereumNews.com. BlackRock is steering $185 billion worth of model portfolios deeper into US stocks and artificial intelligence. The decision came this week as the asset manager adjusted its entire model suite, increasing its equity allocation and dumping exposure to international developed markets. The firm now sits 2% overweight on stocks, after money moved between several of its biggest exchange-traded funds. This wasn’t a slow shuffle. Billions flowed across multiple ETFs on Tuesday as BlackRock executed the realignment. The iShares S&P 100 ETF (OEF) alone brought in $3.4 billion, the largest single-day haul in its history. The iShares Core S&P 500 ETF (IVV) collected $2.3 billion, while the iShares US Equity Factor Rotation Active ETF (DYNF) added nearly $2 billion. The rebalancing triggered swift inflows and outflows that realigned investor exposure on the back of performance data and macroeconomic outlooks. BlackRock raises equities on strong US earnings The model updates come as BlackRock backs the rally in American stocks, fueled by strong earnings and optimism around rate cuts. In an investment letter obtained by Bloomberg, the firm said US companies have delivered 11% earnings growth since the third quarter of 2024. Meanwhile, earnings across other developed markets barely touched 2%. That gap helped push the decision to drop international holdings in favor of American ones. Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF model portfolio suite, said the US market is the only one showing consistency in sales growth, profit delivery, and revisions in analyst forecasts. “The US equity market continues to stand alone in terms of earnings delivery, sales growth and sustainable trends in analyst estimates and revisions,” Michael wrote. He added that non-US developed markets lagged far behind, especially when it came to sales. This week’s changes reflect that position. The move was made ahead of the Federal…
Share
BitcoinEthereumNews2025/09/18 01:44
Dogecoin Price Could See A Major Spike To $10 If This Trend Repeats

Dogecoin Price Could See A Major Spike To $10 If This Trend Repeats

The Dogecoin price may be on the verge of its most historic rally yet, as a crypto market analyst has boldly forecasted an explosive rally to $10. Pointing to historical
Share
Bitcoinist2026/03/07 05:30
‘Obscene’: Grammarly’s New AI Tool Offers Writing Feedback From Dead Scholars

‘Obscene’: Grammarly’s New AI Tool Offers Writing Feedback From Dead Scholars

The post ‘Obscene’: Grammarly’s New AI Tool Offers Writing Feedback From Dead Scholars appeared on BitcoinEthereumNews.com. In brief Grammarly’s “Expert Review”
Share
BitcoinEthereumNews2026/03/07 05:31