Trump-Backed Stablecoin USD1 Briefly Loses Peg Amid Social Media Breach
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USD1 stablecoin dipped to $0.994 before recovering to its $1 peg after a social media breach affecting WLFI co-founders. It maintains a $5 billion market cap with $4.5 billion on Binance, and reserves remain intact with no smart contracts breached.
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- USD1 fell to $0.994 on Monday before recovering to $0.9994 and returning to its $1 peg.
- World Liberty Financial said the dip followed unauthorized access to the co-founders’ X accounts.
- USD1 holds a $5 billion market cap, with nearly $4.5 billion sitting on Binance.
USD1, the dollar-pegged stablecoin issued by World Liberty Financial (WLFI), briefly fell below its $1 benchmark on Monday after what the company described as a coordinated attack.
The token dropped to $0.994, according to CoinGecko data, before recovering to $0.9994 and later trading back at par. It said no smart contracts or wallets were breached and that reserves remain fully intact.
Social Media Breach, Not Infrastructure
WLFI said hackers gained unauthorized access to several co-founders’ X accounts. The firm described the incident as a coordinated attack focused on social media, not on b…
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