Acala Successfully Regain Peg For AUSD After 2 Days Of Problems
Acala was attacked by an attacker who took advantage of a vulnerability in the iBTC/aUSD pool to print out about 1.2 billion aUSD and transfer this money, thereby causing aUSD to be de-peg. In its troubleshooting efforts, the platform helped aUSD and USD pull the gap close to zero.
As was updated in a previous Coincu News article, one of the leading projects of the Polkadot ecosystem, Acala Network (ACA), has been hacked, severely affecting the project’s stablecoin – aUSD . Overall, the bad guy took advantage of the hole in the iBTC/aUSD pool to print out about 1.2 billion aUSD and trade this money, thereby causing the aUSD to be de-peg.
Therefore, on August 15, Acala confirmed that it had successfully traced:
- 1,288,561,129 aUSD was printed and transferred and remaining at 16 suspect wallet addresses.
- 4,299,119 aUSD remaining in the iBTC/aUSD pool.
Accordingly, this platform made two proposals to settle the case by burning 1.28 Billion aUSD. On August 16, the proposal was quickly approved by the Acala community and the burning process was completed.
Because of the above action, aUSD has almost regained its exchange rate with the USD at press time after 2 days of falling to almost zero.
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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Acala Successfully Regain Peg For AUSD After 2 Days Of Problems
Acala was attacked by an attacker who took advantage of a vulnerability in the iBTC/aUSD pool to print out about 1.2 billion aUSD and transfer this money, thereby causing aUSD to be de-peg. In its troubleshooting efforts, the platform helped aUSD and USD pull the gap close to zero.
As was updated in a previous Coincu News article, one of the leading projects of the Polkadot ecosystem, Acala Network (ACA), has been hacked, severely affecting the project’s stablecoin – aUSD . Overall, the bad guy took advantage of the hole in the iBTC/aUSD pool to print out about 1.2 billion aUSD and trade this money, thereby causing the aUSD to be de-peg.
Therefore, on August 15, Acala confirmed that it had successfully traced:
- 1,288,561,129 aUSD was printed and transferred and remaining at 16 suspect wallet addresses.
- 4,299,119 aUSD remaining in the iBTC/aUSD pool.
Accordingly, this platform made two proposals to settle the case by burning 1.28 Billion aUSD. On August 16, the proposal was quickly approved by the Acala community and the burning process was completed.
Because of the above action, aUSD has almost regained its exchange rate with the USD at press time after 2 days of falling to almost zero.
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
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