{"id":88923,"date":"2025-09-15T13:48:17","date_gmt":"2025-09-15T10:48:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88923"},"modified":"2025-09-15T13:50:55","modified_gmt":"2025-09-15T10:50:55","slug":"yala-team-explains-stablecoins-plunge-to-0-3","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/yala-team-explains-stablecoins-plunge-to-0-3\/","title":{"rendered":"Yala Team Explains Stablecoin&#8217;s Plunge to $0.3"},"content":{"rendered":"<p>The Bitcoin-backed stablecoin Yala (YU) lost its peg to the US dollar following a hack, according to a statement from the project team.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Dear Yetis,<\/p>\n<p>We want to keep you informed about a recent security incident at Yala. A breach resulted in the unauthorized transfer of funds; however, the situation is fully contained and under control. We have identified the stolen assets on-chain and are actively working with\u2026<\/p>\n<p>\u2014 Yala (@yalaorg) <a href=\"https:\/\/twitter.com\/yalaorg\/status\/1967304067677565192?ref_src=twsrc%5Etfw\">September 14, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On September 13, the price of YU on Uniswap plummeted to $0.3. After several attempts to restore parity with the dollar, the rate at the time of writing stands at $0.65.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"478\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-8b07d14cbef40c0d-4325467693557194-1024x478.png\" alt=\"dexscreener.com_YU_USDC_2025-09-15_12-08-24\" class=\"wp-image-265783\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-8b07d14cbef40c0d-4325467693557194-1024x478.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-8b07d14cbef40c0d-4325467693557194-300x140.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-8b07d14cbef40c0d-4325467693557194-768x358.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-8b07d14cbef40c0d-4325467693557194.png 1099w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute YU\/USDC chart on Uniswap v3. Source: <a href=\"https:\/\/dexscreener.com\/ethereum\/0xb7dd85fe94686a9b5ca04fbc49e0ccc2746d50a2\">DEX Screener<\/a>.<\/figcaption><\/figure>\n<p>Initially, the developers <a href=\"https:\/\/x.com\/yalaorg\/status\/1967071910845649348\">attributed<\/a> the token&#8217;s depeg to an &#8220;attempted attack.&#8221; They stated that the issue was identified in collaboration with SlowMist experts, and partners took measures to strengthen the protocol&#8217;s security. The project assured that users&#8217; assets were not affected.<\/p>\n<p>In a message dated September 14, the team acknowledged the unauthorized withdrawal of funds but did not disclose details. They reiterated that &#8220;the situation is fully contained and under control.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We have identified the stolen assets on-chain and are actively cooperating with law enforcement to recover them,&#8221; the post stated.<\/p>\n<\/blockquote>\n<p>Yala guaranteed the full restoration of affected liquidity pools and the ability for users to exchange YU for USDC at a 1:1 ratio.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;On a positive note, all Bitcoin funds remain completely secure, and the Yala protocol continues to generate significant revenue \u2014 about $750,000 per month, or $9.17 million annually,&#8221; the developers stated.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">The Scale of the Problem<\/h2>\n<p>According to Lookonchain experts, a hacker unauthorizedly minted 120 million YU in the L2 network Polygon. He then exchanged 7.71 million tokens for 7.7 million USDC on the Ethereum and Solana blockchains.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">A hacker minted 120M <a href=\"https:\/\/twitter.com\/search?q=%24YU&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$YU<\/a> on Polygon and then sold 7.71M <a href=\"https:\/\/twitter.com\/search?q=%24YU&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$YU<\/a> for 7.7M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> on Ethereum and Solana via cross-chain.<\/p>\n<p>The hacker still holds 22.29M <a href=\"https:\/\/twitter.com\/search?q=%24YU&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$YU<\/a> on Solana and Ethereum, with another 90M <a href=\"https:\/\/twitter.com\/search?q=%24YU&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$YU<\/a> still on Polygon that has not been bridged.<\/p>\n<p>The hacker has now exchanged 7.7M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a>\u2026 <a href=\"https:\/\/t.co\/508QU96DpF\">pic.twitter.com\/508QU96DpF<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1967181490510520581?ref_src=twsrc%5Etfw\">September 14, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In these two networks, the attacker still holds 22.29 million YU, with 90 million coins remaining unbridged on Polygon.<\/p>\n<p>With the 7.7 million USDC obtained, he purchased 1,501 ETH, which he distributed across several wallets.<\/p>\n<p>According to the <a href=\"https:\/\/yala.org\/\">Yala website<\/a>, there are 153.3 million &#8220;legitimate&#8221; YU in circulation. The total value of assets locked in the protocol exceeds $216.6 million.<\/p>\n<p>Meanwhile, DEX Screener shows that liquidity in the YU\/USDC pair on Uniswap is only ~$355,000. The decentralized platform is the main market for the Yala stablecoin, accounting for up to 70% of daily trading volume.<\/p>\n<p>Earlier, the <span data-descr=\"decentralized exchange\" class=\"old_tooltip\">DEX<\/span> Hyperliquid community selected the issuer of its own stablecoin. Native Markets will take on this role.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin-backed stablecoin Yala (YU) lost its peg to the US dollar following a hack, according to a statement from the project team.<\/p>\n","protected":false},"author":1,"featured_media":88924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Yala stablecoin lost its dollar peg due to a hack, says project team.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,807],"class_list":["post-88923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"308","promo_type":"1","layout_type":"1","short_excerpt":"Yala stablecoin lost its dollar peg due to a hack, says project team.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=88923"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88923\/revisions"}],"predecessor-version":[{"id":88925,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88923\/revisions\/88925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/88924"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=88923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=88923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=88923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}