The price of Yala's stablecoin YU, invested by Polychain, decoupled from its anchor and fell to $0.2074.

This article is machine translated
Show original
According to DEX Screener, Yala's stablecoin, YU, invested in by Polychain, has decoupled from its price since 5:14 UTC+8 today, falling to a low of $0.2074 before recovering to $0.923. Furthermore, there is currently only $1,450 in USDC liquidity in the YU/USDC LP on Uniswap on Ethereum. On-chain data shows that a suspicious address, 0x29…74F5, minted 10 million YU from a null address between 4:10 and 4:13 UTC+8 today, redeeming 5.213 million of these YU for 5.213 million USDC through the Yala PSM. This address then purchased 5.213 million USDC for ETH, distributing the funds to dozens of addresses at a rate of 10.1 ETH per address.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments