Yala will burn all illegally minted YU on September 23 and restore a 1:1 exchange for USDC.

BlockBeats News, September 17th, the stablecoin protocol Yala disclosed in its latest post-mortem report on the recent attack incident that the hacker exploited a temporary key deployment on September 13th to establish a counterfeit cross-chain bridge, minting an excessive 30 million YU tokens, and cashing out approximately 7.64 million USDC (1636 ETH). Some of the funds have flowed into Tornado Cash.

The incident did not involve the Bitcoin reserve. The hacker has returned approximately 22.28 million YU tokens. Yala announced that on September 23rd, it will burn all illegally minted YU tokens, restore the 1:1 USDC redemption, initiate a liquidation compensation application process, and enhance cross-chain security audits and multi-party control mechanisms.