Coinspeaker
Sky Faces Security Concerns Over $756M USDC Custody in Lite PSM
Sky, formerly known as MakerDAO, has found itself in the spotlight following concerns raised about the security of $756 million in
USDC
$1.00
24h volatility:
0.1%
Market cap:
$40.46 B
Vol. 24h:
$13.57 B
held within its “Lite PSM” (Peg Stability Module).
X user Will Morris first highlighted the concerns, noting that the Lite PSM design relies on an externally owned account (EOA) to manage the substantial USDC balance. According to Morris, this setup could expose the funds to a potential exploit, also known as a “rug pull.” The key issue here is that the EOA account holder has unrestricted access to withdraw the funds at any time, whic
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