Acala Operations Have Been Full Resuming But aUSD Still Lost Its Peg
Three weeks after a significant security breach, Acala said on Wednesday that it had completely restored its services to users. This follows the approval of the third and final vote by its governance body.
The developers of the project announced on Twitter:
Acala is an app-specific parachain that seeks to be Polkadot’s finance hub. Acala had a security breach on August 13 as a consequence of a coding misconfiguration in a smart contract that managed a liquidity pool.
When liquidity providers (LPs) withdrew their assets, the misconfiguration caused them to error mint almost 3 billion aUSD. Approximately 300 addresses have illegally taken out 3.02 billion aUSD from their wallets. As a result of the incident, the aUSD lost its peg to the US dollar.
When this was discovered, the team immediately halted the network by an emergency governance vote. As a result, the team froze and incinerated the vast majority of burned funds traced on the Acala network.
The Acala governing committee opted to activate the network in its initial phase on September 26, allowing users to manage or liquidate their holdings while advanced services such as oracles and collateralized lending remained unavailable. These services have now been activated in an attempt to restore the DeFi chain to its pre-exploit form.
However, the aUSD price is now still trading at $0.809 according to the CoinMarketCap data.
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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DeFi
Acala Operations Have Been Full Resuming But aUSD Still Lost Its Peg
Three weeks after a significant security breach, Acala said on Wednesday that it had completely restored its services to users. This follows the approval of the third and final vote by its governance body.
The developers of the project announced on Twitter:
Acala is an app-specific parachain that seeks to be Polkadot’s finance hub. Acala had a security breach on August 13 as a consequence of a coding misconfiguration in a smart contract that managed a liquidity pool.
When liquidity providers (LPs) withdrew their assets, the misconfiguration caused them to error mint almost 3 billion aUSD. Approximately 300 addresses have illegally taken out 3.02 billion aUSD from their wallets. As a result of the incident, the aUSD lost its peg to the US dollar.
When this was discovered, the team immediately halted the network by an emergency governance vote. As a result, the team froze and incinerated the vast majority of burned funds traced on the Acala network.
The Acala governing committee opted to activate the network in its initial phase on September 26, allowing users to manage or liquidate their holdings while advanced services such as oracles and collateralized lending remained unavailable. These services have now been activated in an attempt to restore the DeFi chain to its pre-exploit form.
However, the aUSD price is now still trading at $0.809 according to the CoinMarketCap data.
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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