Yala's Stablecoin YU Depegs and Plunges to $0.47

On November 17th, based on market data, Yala's stablecoin YU has encountered a depegging incident and dropped to $0.47. Yala stated yesterday that they have become aware of the community's recent concerns and are actively conducting investigations. More updates will be provided soon. On November 15th, the DeFi community YAM published a post indicating that Yala's stablecoin YU had witnessed suspicious activities. An address was borrowing USDC at an extremely high interest rate on Euler but had not repaid the borrowed amount. An address closely related to Yala had fully borrowed USDC and a large portion of the YU funds from the Yala Frontier market on Euler. Despite the high interest rate remaining unchanged, there was no repayment. Currently, the market's fund utilization rate has reached 100%, meaning that lenders cannot withdraw any liquidity. The Euler team has also set the borrowing limit on the Yala market on Frontier to zero. YAM also stated that currently, YU on Solana still maintains its pegged exchange rate, and there is nearly a million USDC in the liquidity pool available for price anchoring exit. This article mainly serves as a risk warning, and it is not yet certain whether Yala is truly in a difficult situation.