UXD Protocol Affected by Nearly $20 Million in Mango Attack

Solana ecosystem algorithmic stablecoin protocol UXD Protocol has a total exposure of $19,986,133.9037 in Mango Market. UXD Protocol said that its insurance fund has more than enough capital to cover losses. UXD is 100% backed and users will be able to redeem once Mango Markets recovers from the exploit. The insurance fund has a total of $53,527,304.7757 in capital. UXD Protocol has paused minting of $UXD temporarily to minimize risk. Once the team is confident that the issue with Mango Markets is solved, they will re-enable minting. In the meantime, users can swap $UXD for $USDC at Jupiter Exchange. There is enough liquidity for $UXD holders to swap for $USDC at par value.