Cyberattacks raise governance concerns, Bitcoin-backed YU stablecoin anchoring mechanism is at stake
Source: CoinWorld
Time: 2025-09-14 21:31:51
YU, a Bitcoin-based stablecoin under Yalla Group, has struggled to maintain its peg to the US dollar after being attacked by a cyber attack, raising concerns about collateral integrity and platform security. The New York Stock Exchange-listed company, known for its social and gaming platforms in the Middle East and North Africa, has not yet made an official comment on the incident. YU’s volatility could undermine confidence in the Yalla digital asset program and its broader expansion of financial services in the region.