727 FinancePANews October 21 news: Lulo announced that its Boost deposits will experience a drawdown of approximately 6.4%. The reason is that Boost's yield strategy uses the synthetic dollar protocol Neutrl Finance on Ethereum. Lulo stated that the impact only involves Boost. Boost was originally a product designed to take on risk for Protected deposits, so the principal of Protected deposits is unaffected. Neutrl's strategy positions incurred losses, and reserve liquidity was impaired. Redemptions were subsequently opened at a ratio of approximately $0.51 per $1, allowing holders to recover about half. Lulo said this incident was not a hack, nor was it the exploitation of a smart contract vulnerability, and more updates will be announced later.
Lulo's Boost deposits will draw down approximately 6.4% due to exposure to Neutrl Finance.
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