Lulo announced that its Boost deposits will experience a drawdown of approximately 6.4% due to losses in its yield strategy involving Neutrl Finance, a synthetic dollar protocol on Ethereum. The incident stems from Neutrl's strategy positions suffering losses and impaired reserve liquidity, not from a hack or smart contract vulnerability exploitation.
Following the losses, Neutrl opened redemptions at a ratio of about $0.51 per $1, allowing holders to recover roughly half their value. Lulo clarified that the impact is limited to Boost, which takes on risk for Protected deposits, meaning the principal of Protected deposits remains unaffected. Additional updates are expected to be announced later.
Lulo Boost Deposits Hit ~6.4% Drawdown After Neutrl Finance Strategy Losses
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