The stable of Yala supported by Bitcoin Yu failed to resume his ankle in dollars after an “attempted attack” early Sunday which dropped the token at $ 0.2046.
The Yala team confirmed the incident in a post on X, noting that he “briefly impacted Yu de Yu”. The team added that she was working with the security company Blockchain Slowmist and other security partners to investigate the violation.
“Update: all the funds are safe. Bitcoin deposited in Yala remains autonomous or in the chests, without any loss,” wrote the team in their last article on X. “We have identified problems and, as a precaution, I carried out certain features of the product. Please wait for our green light before re-engage,” they added.
To avoid new instability, Yala has disabled its convert and bridge characteristics. “All other protocol functions remain unaffected and user assets remain safe,” said the team in a follow -up article.
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The striker would have struck 120 million yu
The Yala team has not revealed if the hacking has succeeded and has led to losses. However, the Lookonchain blockchain analysis company said that the attacker had exploited the Yala protocol by hitting 120 million yu tokens on the polygon (Matic), then bridging and selling 7.71 million yu for 7.7 million USDC (USDC) across Ethereum (ETH) and Sollana (soil).
The striker has since converted the USDC into 1,501 ETH and dispersed the funds on several wallets, by Lookonchain. The striker still has 22.29 million yu on Ethereum and Solana, with an additional 90 million yu on Polygon, not rocked.
Yu, supported by overollateralized Bitcoin reserves (BTC), is designed to maintain an ankle at $ 1. Although the project has a market capitalization of $ 119 million, it has only $ 340,000 in USDC liquidity in its Pool Ethereum, according to Dex Screenner.
After falling at $ 0.2046, Yu resurfaced at $ 0.917. However, the stablecoin has since been under pressure, having failed to restore its ankle. Yu is currently negotiating about $ 0.7869 on Dex Screenner.
Cointelegraph stretched out Yala to comment, but had not received an answer by publication.
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The Stablescoin market nearly $ 300 billion
The Stablescoin market is approaching an important step of $ 300 billion. Coinmarketcapp on Thursday reported $ 300 billion, while Coingecko and Defilma scored $ 291 billion and $ 289 billion respectively.
After having exceeded a market capitalization of $ 200 billion at the end of 2024, the growth of the Stablescoin market has accelerated, but the stablecoins have not yet obtained traditional adoption, according to the Axecular growth manager, Chris Robins.
“300 billion dollars are an early step in the growth of stabbed,” he said, noting that the growth of stablecoin has been mainly brought by Tether USDT (USDT), the Circle USDC, as well as the Ethena Labs (USDE).
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