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.

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.

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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.