Yala announces recovery plan: illegally minted YU tokens will be destroyed on September 23

PANews reported on September 17 that Yala has released a post-event analysis report on the attack on September 14, detailing the timeline of the incident, the analysis results and its recovery plan. According to the report, a hacker abused temporary deployment keys during the deployment of the authorized bridge, set up an unauthorized cross-chain bridge, and extracted 7.64 million USDC (about 1,636 ETH); YU was decoupled to $0.20 for a time, and then stabilized at $0.94; no protocol vulnerabilities were exploited, and no Bitcoin reserves were compromised. After unauthorized 30 million YUs to Solana, the hacker has returned a considerable portion of the assets. The current status is as follows: the hacker has returned 22.287 million YU tokens, and the remaining 7.713 million YUs have been converted to 1635.572 ETH. Regarding the recovery plan, all illegally generated YUs will be destroyed on September 23 and liquidity will be fully restored: each user can exchange YUs for USDC in a 1:1 ratio. Some users have been unfairly liquidated and punished due to YU's decoupling, and from September 23, Yala will initiate a claim process for liquidating fine compensation.