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DeFi

Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack

August 18, 2022 - Around 2 mins mins to read
Acala Network is still trying to fix the situation after the hack when the USD rate peg has been restored.
Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack
Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack 3

aUSD, has recorded a strong 99% depeg against the dollar after the iBTC/aUSD liquidity pool vulnerability was attacked by hackers over the weekend. Early estimates from Acala Network suggest that 1.2 billion aUSD was minted without the required collateral.

Acala Network quickly put its network into maintenance mode to freeze funds and eventually recovered a significant portion of the stablecoins.

Subsequently, Acala proposed a vote and community approval to destroy the minted aUSD in order to keep the aUSD/USD parity at $1. In addition, the Acala developers said they will continue to monitor this incident to address the root of the problem.

Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack
Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack 4

In the latest update on August 17, the Acala team continued to recover an additional 1.682 billion aUSD, bringing the total amount recovered to 2.974 billion aUSD out of a total of more than 3 billion aUSD minted.

This amount of 1.682 billion aUSD is also expected to be burned before the team restores its network. Meanwhile, 48 million aUSD has yet to be recovered, including the minted aUSD which has been swapped and transferred to other blockchains.

Because the process of tracing aUSD number swapped across many different tokens or transferred to many other blockchains and exchanges is relatively complicated and difficult, Acala asked for the help of the community.

Accordingly, if traders accidentally receive aUSD that is on the shortlisted list, they can transfer the aUSD to the Polkadot, Moonbeam and Acala addresses provided by the platform below.

Acala Network intends to launch a series of tracking reports that will be published detailing transaction traces for each of the 16 addresses identified in connection with the attack. The community can come together to make suggestions to solve the aUSD money printing error.

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

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Harold

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Acala Network

aUSD

hack

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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.
DeFi

Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack

Acala Network is still trying to fix the situation after the hack when the USD rate peg has been restored.
Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack
Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack 7

aUSD, has recorded a strong 99% depeg against the dollar after the iBTC/aUSD liquidity pool vulnerability was attacked by hackers over the weekend. Early estimates from Acala Network suggest that 1.2 billion aUSD was minted without the required collateral.

Acala Network quickly put its network into maintenance mode to freeze funds and eventually recovered a significant portion of the stablecoins.

Subsequently, Acala proposed a vote and community approval to destroy the minted aUSD in order to keep the aUSD/USD parity at $1. In addition, the Acala developers said they will continue to monitor this incident to address the root of the problem.

Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack
Acala Network Continues To Recover Nearly 1.7 Billion aUSD After The Hack 8

In the latest update on August 17, the Acala team continued to recover an additional 1.682 billion aUSD, bringing the total amount recovered to 2.974 billion aUSD out of a total of more than 3 billion aUSD minted.

This amount of 1.682 billion aUSD is also expected to be burned before the team restores its network. Meanwhile, 48 million aUSD has yet to be recovered, including the minted aUSD which has been swapped and transferred to other blockchains.

Because the process of tracing aUSD number swapped across many different tokens or transferred to many other blockchains and exchanges is relatively complicated and difficult, Acala asked for the help of the community.

Accordingly, if traders accidentally receive aUSD that is on the shortlisted list, they can transfer the aUSD to the Polkadot, Moonbeam and Acala addresses provided by the platform below.

Acala Network intends to launch a series of tracking reports that will be published detailing transaction traces for each of the 16 addresses identified in connection with the attack. The community can come together to make suggestions to solve the aUSD money printing error.

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