😶🌫️ A stablecoin pegged to #BTC , but detached from $1.
Yesterday #YU from #Yala dropped to ~$0.20. What happened?
Facts:
— The attacker generated ~120 M YU (Polygon).
— Converted part to #USDC , then to ~1501 ETH.
— The remainder — across wallets; Convert/Bridge temporarily restricted.
Why peg failures happen even to "secured" stablecoins:
1. Contract/bridge exploit > collateral model.
2. Low pool depth = rapid discount spiral.
3. Psychology — panic nullifies market-making.
Checklist before holding a stablecoin:
✔️ Audit/bounty? ✔️ Pool depth? ✔️ Emergency buyback plan?
✔️ Transparency of reserves? ✔️ History of peg recovery?
Conclusion: until a return to $1 and a public action plan for YU — this is a tool for speculators, not for "safe cash".
