Acala Stablecoin, aUSD, Still Depegged From The Dollar

Hacker

Acala USD, the stablecoin of the Polkadot-based de-fi protocol, is still struggling to repeg to the dollar more than a week after hackers exploited a bug in its code.

According to PeckShielAlert, the stablecoin is currently valued at $0.75 or three-quarter of its intended value. This is despite efforts by the developer team to plug the hole created by the bug which enabled the hacker to mint 1.3 billion tokens.

A Hacker’s Exploit On aUSD

The exploit resulted in aUSD losing 99% of its value but the team implemented a remedial measure of burning 1.2 billion aUSD to re-stabilize the coin.

The report from the Acala Network says that its team is working on a full audit to determine the extent of the losses.

In a recent update, the Acala team said that they have traced all the 3.022 billion error mints of aUSD that were claimed by 16 addresses. It added that the hacker(s) have exchanged some of the tokens with other coins such as DOT.

According to the release,

“they transferred aUSD error mints and aUSD error mint-swapped tokens to other XCM-connected chains such as Polkadot, Moonbeam, Interlay, Astar, as well as CEXs.”

A Bounty for Recovery of Moved Funds

The platform said it is encouraging users to return the error mints that the hackers randomly swapped via its liquidity platform. It is also offering 5% of the stash to any white hackers that help recover the 95% of the funds.

Most of the services on the Acala network has been disrupted and the team is working to restore back its equilibrium. However, it acknowledged that this could take some time to happen as they work at tracing all the moved aUSD.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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