Yala will destroy all illegally minted YU on September 23 and restore 1:1 redemption for USDC.
BlockBeats News, on September 17, the stablecoin protocol Yala disclosed in its latest post-attack incident report that on September 13, hackers exploited the deployment of a temporary key to establish a fake cross-chain bridge, over-minting 30 million YU and cashing out approximately 7.64 million USDC (1,636 ETH). Part of the funds has already flowed into Tornado Cash.
The incident did not involve Bitcoin reserves. The hacker has returned about 22.28 million YU. Yala announced that all illegally minted YU will be destroyed on September 23, the 1:1 redemption with USDC will be restored, and the liquidation compensation application process will be launched. At the same time, cross-chain security audits and multi-party control mechanisms will be strengthened.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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