Connect with us

News

Polkadot-Based stablecoin aUSD Loses $1.2 billion

Published

on

The year has been a trying one for crypto traders, investors and organizations. It’s been from one hack to another. And the stablecoin market is not left out.

The LUNA-UST crash was big on the market, and following that, some stablecoins and DeFi protocols also had issues. The latest stablecoin to depeg was the aUSD, a Polkadot-based Stablecoin pegged to the dollar.

The company made a tweet earlier yesterday about pausing operations until the problem is sorted out:

According to reports, the stablecoin protocol was hijacked and about 1.2 billion aUSD was stolen by an attacker. From coinmarketcap.com, the Stablecoin reached an All-time Low of $0.006383 yesterday while bouncing back to $0.95 but went down again.

Read this also:

Stablecoins; What are they and What Types are there?

Luna-Terra Project Under “Second Stage” Investigation Says the US SEC

Tether Ready to Launch Stablecoin Pegged on British Pounds

The Reason behind the hack

The team revealed the reason behind the hack to be a misconfiguration of the iBTC/aUSD liquidity pool that was launched. This resulted in the irregular mints of aUSD. 

Meanwhile, the address of the “stolen” fund has been discovered. For the assets taken, the team disclosed that more than 99% of aUSD minted during this period remain on the Acala parachain while less than 1% have been swapped dro ACA and other tokens built on the Acala parachain.

To mitigate against further damages, and security breaches, the protocol has been locked. No one can use the Acala parachain transfer services as well as other related services on the platform. The Acala team also provided addresses where recipients of the “stolen” funds can return the aUSDs.

What do you think of this article? Share your comments below. 

Advertisement Earnathon.com
2 Comments
0 0 votes
Article Rating

What's Your Opinion? Please Leave a Comment

2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
trackback

[…] post Polkadot-Based stablecoin aUSD Loses $1.2 billion appeared first on CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & […]

trackback

[…] such as DEI ($0.70), USDD ($0.96), aUSD ($0.009) etc. HUSD was the recent stablecoin to depeg after falling to $0.92. According to the founder of […]

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts

2
0
Would love your thoughts, please comment.x
()
x
%d bloggers like this: