Стейблкоин YU от Yala теряет связь с долларом на фоне подозрительной активности Translation: Stablecoin YU from Yala Loses Its Dollar Peg Amid Suspicious Activity

On November 17, the YU stablecoin from the Yala project lost its peg to the US dollar, drawing the attention of community members.

According to CoinMarketCap, the asset’s value plummeted by 49.6% within a day, reaching $0.4.

In contrast, CoinGecko lists the stablecoin’s price at $0.9.

X users are actively discussing the coin’s depegging and noting suspicious activities linked to Yala’s associated addresses.

On November 14, DeFi researchers from YAM flagged several «red flags» indicating the project’s perilous condition. Specifically, a wallet associated with the issuer borrowed all available USDC and YU on the Euler Finance platform and has not returned the funds.

Creditors are unable to retrieve their assets as they are locked. Consequently, Euler’s team had to disable new loans involving the mentioned stablecoins.

Analysts have also pointed out the low liquidity of YU in EVM-compatible networks. Although the exchange pools for the stablecoin appear large, they are composed of 90% of the token itself. Currently, exchanging them for USDC is not possible.

All available liquidity of $1 million in USDC is concentrated in the Solana network, where the stablecoin’s peg to the dollar remains intact.

Experts noted they cannot reach Yala’s team, as they have not responded to queries on any social media platform.

On November 16, representatives of the issuer stated on X that they are «aware of the community’s concerns» and are conducting an investigation. The developers promised to provide further information soon.

According to Yala’s website, there are 91.2 million «legal» YU in circulation, and the total value of locked assets in the protocol exceeds $207 million.

DEX Screener indicates that the liquidity in the YU/USDC pool on Uniswap amounts to approximately $195,000.

In September, the project was subjected to a cyberattack in which an attacker unauthorizedly issued 120 million YU in the L2 network on Polygon. The hacker then exchanged 7.71 million tokens for 7.7 million USDC on Ethereum and Solana.

Using the acquired funds, the hacker purchased 1501 ETH, dispersing it across several wallets.

The Yala team assured a complete restoration of the affected liquidity pools and promised users the ability to exchange YU for USDC at a 1:1 ratio.

Following the hack, the YU price dropped to $0.3.

It is worth recalling that in early November, the USDX stablecoin from Stable Labs lost its peg to the dollar and fell to $0.3.