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The Yala stablecoin YU, invested by Polychain, has depegged and once fell to $0.2074.
According to Wu, DEX Screener reported that the Yala stablecoin YU, invested by Polychain, has experienced a depeg from 5:14 UTC+8 today, falling to as low as $0.2074, and is currently recovering to $0.923. Additionally, there is only $1,450 of 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 4:10-4:13 UTC+8 today and redeemed 5.213 million YU for 5.213 million USDC through Yala PSM; subsequently, the address purchased ETH with 5.213 million USDC and distributed it to dozens of addresses at 10.1 ETH each.