YU (Yala) fell 72.56% in the last 24 hours.

Gate News Bot message, on November 18, according to CoinMarketCap data, as of the time of writing, YU (Yala) is currently priced at $0.14, falling by 72.56% in the last 24 hours, reaching a high of $1.00 and a low of $0.14, with a 24-hour volume of $37,900. The current market capitalization is approximately $12 million, a decrease of about $31.77 million compared to yesterday.

Important news about YU recently:

1️⃣ Security vulnerabilities lead to unauthorized token minting

The project behind the YU token, Yala, has encountered a major security incident. A vulnerability was exploited, leading to the unauthorized minting of YU tokens. This event has severely impacted the price stability of YU, resulting in a significant depreciation of the token.

2️⃣ YU decoupled from the US dollar

As a Bitcoin-backed stablecoin, YU was originally supposed to maintain a 1:1 price with the US dollar. However, due to the impact of a security vulnerability incident, YU has decoupled from the US dollar, resulting in a significant price fall and losing its core function as a stablecoin.

3️⃣ Project Party Measures

The Yala team has realized the seriousness of the issue and stated that they are taking urgent measures. They are committed to fixing the security vulnerabilities as soon as possible and working to restore the price stability of YU. However, restoring market confidence may take some time.

The technical aspect of YU shows an extremely bearish state, with prices dropping sharply in a short period and volume surging, reflecting investors' panic. From a fundamental perspective, this security incident has severely damaged the credibility of the Yala project, posing significant challenges to the value and utility of YU in the short term.

This message is not intended as investment advice; investors should be aware of market volatility risks.