KuCoin Has Suspended Deposit And Withdrawal Services For ACA Tokens

The series of stories on the topic of stablecoins losing their peg continues with Acala Network’s aUSD slipping away from the $1 mark, the main reason being a hole in the liquidity pool with iBTC. The exchanges KuCoin, and Binance have also commented on this incident.
KuCoin Has Suspended Deposit And Withdrawal Services For ACA Tokens 4

As CoinCu reported in a previous post, hackers took advantage of a vulnerability in Acala’s iBTC/aUSD pool to withdraw $1.2 billion aUSD.

Stablecoin aUSD slipped to $0.05 when the hack took place and is now back at $0.7551 at press time.

aUSD price chart. Source: CoinMarketCap

After the incident, the KuCoin exchange announced to suspend of deposit and withdrawal services for ACA tokens. The hack has also affected this token, with its price down more than 8% in the last 24 hours and trading at $0.288.

ACA price chart. Source: CoinMarketCap

CEO Changpeng Zhao stated that Binance is looking into the matter even though aUSD is not listed on the exchange.

It can be said that the DeFi market has constantly been experiencing unexpected problems recently. Even stablecoins are not literally ‘stable’ anymore.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

2 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

3 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

3 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

3 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

4 hours ago

This website uses cookies.