Cryptocurrency News

Acala community votes to burn 2.97 billion of erroneously minted aUSD stablecoin

08/23/2022

Less than a minute

2022.08.23 08:02

Acala community votes to burn 2.97 billion of erroneously minted aUSD stablecoin

According to a new post by Acala Network co-founder Bette Chen, the community has voted to burn 2.97 billion worth of Acala USD (aUSD) stablecoin.

Acala is a decentralized finance platform built on the Polkadot (DOT) ecosystem. The week prior, the price of aUSD fell to less than $0.01 from its dollar peg after it was discovered that 3.022 billion aUSD had been erroneously minted through a misconfiguration of the iBTC/aUSD liquidity pool, which went live on August 14.

08/23/2022

Less than a minute

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