LUSD, the stablecoin of the decentralized finance (DeFi) protocol Linear Finance (LINA), was hacked and its price was reset.
Linear Finance’s operating as a stablecoin LUSD was attacked. Made by Linear Finance team of statement LUSD then lost its dollar stability, causing investors to panic.
by the team TSI 21 September 15.00 In the statement made on social media around the time, LUSD is under attack and until further notice users should not buy or sell LUSD highlighted:
Linear stablecoin LUSD appears to be under an exploit attack. DO NOT trade LUSD while the team is investigating. User accounts are safe.
While the team stated that more updates would come soon, they refrained from making a statement regarding the details of the attack.
According to CoinGecko data, in parallel with the attack news, lost nearly 99% of its value LUSD, $0.90 from level to $0.00159 decreased by . LINA, the native token of the protocol, was not affected by this situation. LINA in the last 24 hours 3.3% with rise from $0.011 is being traded.
Although the background of the attack on LUSD is unknown, stablecoin collapses can cause serious losses in the cryptocurrency market. happened last year Collapse of Terra’s (LUNA) stablecoin UST It brought with it a chain destruction and caused injuries to many actors in the cryptocurrency market.