According to DEX Screener data, YU, the stablecoin of Yala, in which Polychain invested, lost its stable price as of 05:14 CET today.
The YU price fell to $0.2074 before rising to $0.923 and is currently trading at $0.70. The YU/USDC pool on Ethereum on Uniswap has only 1,450 USDC in liquidity.
The Yala team stated in a statement that the protocol had recently been subjected to an attempted attack. The company announced that it had identified the issue in collaboration with its security partner, SlowMist, and that necessary fixes were underway.
The following statements were made by Yala: