- Linear Finance says it is looking into reports of a possible exploit assault on LUSD.
- Users have been urged to refrain from purchasing or trading LUSD until further notice.
Linear Finance suddenly announced today through twitter that its native stablecoin, LUSD, may be vulnerable to an exploit assault. The team has taken swift action in response, which has caused widespread alarm among crypto users.
Urgent Update Re $LUSD
The Linear stable coin $LUSD appears to be under an exploit attack. While the team investigates, DO NOT BUY LUSD, DO NOT TRADE $LUSD
Liquidations are paused and users accounts are not at risk.
Further updates will follow.— Linear Finance (@LinearFinance) September 21, 2023
As events evolve, Linear Finance says it is looking into reports of a possible exploit assault on LUSD. In light of this disturbing turn of events, the project has issued a severe warning to its users, urging them to refrain from purchasing or trading LUSD until further notice. This advice was mentioned to help keep the project on track and protect the people involved.
Investigation Underway
The project’s creators have also reassured users that liquidations have been put on hold for the time being. This measure has been implemented to protect user accounts from disruption during this time of transition.
Meanwhile, the team at Linear Finance has committed to keep everyone informed as the inquiry progresses. The cryptocurrency community and Linear Finance’s backers and investors are waiting on these updates to better understand the current state of affairs and how they could affect the long-term viability of the project.
The stablecoin LUSD rose 6.61% in the previous day as per data from CMC. At the time of writing it is trading at $0.9726, while its volume increased by 6881%. However, the cryptocurrency is facing high volatility throughout the day on fears of hacking. Linear Finance’s prompt action and reassuring its consumers is a tribute to the value of openness and proactivity in the cryptocurrency industry.
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