Another depeg — Acala trace report reveals 3B aUSD erroneously minted
As the dust settles on another decentralized finance exploit, Acala continues to trace tokens that were erroneously minted after a misconfiguration in a newly launched liquidity pool. High-profile security incidents continue to be a theme in 2022 as the Acala Network joined a long list of stricken platforms to fall prey to exploits.Acala’s aUSD token, which acts as the native stablecoin for the Polkadot and Kusama blockchains, saw its value plummet 99% after a misconfiguration of the iBTC/aUSD liquidity pool was exploited after its launch on Aug. 14. Initial estimates from Acala noted that....
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A total of 3.022 billion aUSD were previously minted via a liquidity bridge glitch. According to a new post by Acala Network co-founder Bette Chen, the community has voted to burn 2.97 billion worth of Acala USD (aUSD) stablecoin.Acala is a decentralized finance platform built on the Polkadot (DOT) ecosystem. The week prior, the price of aUSD fell to less than $0.01 from its dollar peg after it was discovered that 3.022 billion aUSD had been erroneously minted through a misconfiguration of the iBTC/aUSD liquidity pool, which went live on August 14. The misconfiguration has since been....
A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. After the mining failure involving its stablecoin aUSD, the Acala Network announced on Monday that it had resumed its operations following a referendum allowing LPs to withdraw liquidity from pools or unstake LP tokens.The community referendum for Stage 1 of resuming Acala operations has passed and been executed. LPs who choose to unstake LP tokens or withdraw liquidity on Acala now have the option to do so. https://t.co/yzvOz7zwxT— Acala (@AcalaNetwork) September 26, 2022 In August, a misconfiguration of the....
The Acala hack saw over a billion aUSD stablecoins minted from thin air, but now community members are scratching their heads wondering how a decentralized protocol would handle the clean up. The Acala Network’s aUSD stablecoin depegged by over 99% over the weekend and forced the Acala team to pause a hacker’s wallet, raising concerns about its claim of being decentralized.On Aug. 14, a hacker took advantage of a bug on the iBTC/aUSD liquidity pool which resulted in 1.2 billion aUSD being minted without collateral. This event crashed the USD-pegged stablecoin to a cent, and in response,....
Polkadot parachains posted double-digit gains after partnership announcements, protocol integrations and a stablecoin development fund caught the attention of the crypto investors. Crypto prices have been exploring new lows for weeks and currently it's unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.Here’s a look at three Polkadot ecosystem....
2022 has been the year of broken stablecoins as a myriad of dollar-pegged crypto assets depegged from their dollar value this year. On August 14, the Polkadot-based stablecoin alpaca usd (AUSD) dropped below a U.S. penny in value, only to bounce back to the $0.95 region hours later. Reports say that the Acala protocol was compromised and an attacker managed to mint 1.2 billion AUSD.
Polkadot’s AUSD Stablecoin Slides Well Below the $1 Parity
Besides USDT, USDC, DAI, and a couple of others, a number of stablecoins have had an awful year in terms of holding their U.S. dollar....