Linear Finance Under Attack: Stablecoin LUSD Loses Peg To $1

In a sudden turn of events, Linear Finance issued an urgent update on the social media platform X on Thursday, September 21, revealing that its native stablecoin, LUSD, could be under an exploit attack. This announcement of a potential security breach has raised concerns within the cryptocurrency community and prompted the team to take immediate action.

Linear Finance Security Breach

As the situation unfolds, Linear Finance’s team claims to actively investigating the potential exploit attack on LUSD. In response to this alarming development, the project has issued a strong caution to its users, asking them not to buy or trade LUSD for now, or until the team confirms. This advisory aims to prevent further complications and safeguard the interests of the project’s community.

In addition, the team behind the project has assured its users that liquidations have been temporarily halted, alleviating some immediate concerns. This action has been taken to ensure that users’ accounts remain secure and unaffected during this tumultuous period.

Meanwhile, with the ongoing investigation, the Linear Finance team has promised to provide timely updates as soon as more information becomes available. The cryptocurrency community, along with Linear Finance’s supporters and investors, eagerly awaits these updates to gain a clearer understanding of the situation and its potential impact on the project’s stability.

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Linear Finance Recent Performance

The stablecoin LUSD was trading at $0.9883 during writing, noting a surge of 7.78% from yesterday, and its volume skyrocketed 6609.51% to $1.24 million. However, the coin has touched an intraday low of $0.9073 amid security concerns. Notably, the native token of the crypto, Linear Finance price dropped by 0.77% to $0.01061.

Meanwhile, in the ever-evolving crypto industry, unforeseen events like potential crypto hacks can cause significant disruptions and uncertainty. However, Linear Finance’s swift response to address the situation and reassure its users marks a testament to the importance of transparency and proactive communication within the crypto space.

As the investigation unfolds, the crypto community remains on high alert, hoping for a swift resolution and a return to normalcy for the project and its $LUSD stablecoin.

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