Another depeg — Acala trace report reveals 3B aUSD erroneously minted
Cointelegraph
Published Aug 17, 2022 05:18AM ET
Updated Aug 17, 2022 07:40AM ET
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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Written By: Cointelegraph
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