DeFi Hub Of Polkadot Experiences Serious Hack

Following a significant security compromise, Acala, the decentralized hub of the Polkadot network, passed an urgent resolution to halt operations.

DeFi Hub Of Polkadot Experiences Serious Hack

The project team is presently exploring and resolving the problem.

The AUSD stablecoin lost its peg as a result of the hack, falling to an all-time low of $0.5713.

Even though the stablecoin has recovered around 44% of its value, there is debate about whether it will eventually degenerate into a catastrophe akin to Terra.

Image by coinmarketcap.com

Early in February, Acala introduced its first native stablecoin. It acts as the Polkadot and Kusama ecosystem’s default stablecoin. The AUSD cryptocurrency, which bills itself as the multi-chain variant of the Ethereum-based Dai (DAI) stablecoin, is backed by a variety of collateral reserve assets.

It coexists with the government token ACA – Polkadot

DeFi Hub Of Polkadot Experiences Serious Hack

The Acala team had previously announced the opening of a $250 million ecosystem fund for the AUSD stablecoin back in March, before the sky-high TerraUSD (UST) crashed. The ACA governance token’s price increased by more than 30% as a result of the announcement.

The AUSD stablecoin differs from the failed algorithmically-baked UST stablecoin in that it is overcollateralized.

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

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

16 minutes ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

1 hour ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

2 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

3 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

3 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

4 hours ago

This website uses cookies.