Another depeg — Acala trace report reveals 3B aUSD erroneously minted

2022.08.17 23:57

Another depeg — Acala trace report reveals 3B aUSD erroneously minted

High-profile security incidents continue to be a theme in 2022 as the Acala Network joined a long list of stricken platforms to fall prey to exploits.

Acala’s aUSD token, which acts as the native stablecoin for the Polkadot and Kusama blockchains, saw its value plummet 99% after a misconfiguration of the iBTC/aUSD liquidity pool was exploited after its launch on Aug. 14. Initial estimates from Acala noted that 1.2 billion aUSD were minted without the necessary collateral – seeing the token’s value depeg from its 1:1 USD ratio to a bottom of $.01.

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