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.
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.
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.
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Harold
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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.
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.
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
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