YU, Yala’s Bitcoin-backed stablecoin, plummeted to 0.2046 USD after an attack that resulted in 120 million YU tokens being minted. The Yala team is investigating the incident with SlowMist, assuring users that funds are safe but pausing some product features.
The wider stablecoin market is approaching 300 billion USD, primarily driven by Tether’s USDT and Circle’s USDC. YU’s market cap currently stands at around 119 million USD with only 340,000 USD in USDC liquidity on Ethereum.
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