TL;DR
Acala network, the defi protocol for Polkadot, has suffered a breach, and its own stablecoin depegged in the dollar. Acala Network’s aUSD stablecoin currently sits below $1, dropping only 0.58 at one point.It really is reported that hackers collected approximately $1.2 Billion $AUSD.
Polkadot’s decentralized finance protocol Akala Network is at significant trouble as reports show how the hub suffered a breach today, causing its stablecoin to depeg in the dollar.
Acala Network reported today via their official Twitter account how the team had noticed a configuration issue that affects the stablecoin AUSD.
They passed an urgent vote to pause operations on Acala to research and mitigate the issue.
We’ve noticed a configuration problem of the Honzon protocol which affects aUSD. We have been passing an urgent vote to pause operations on Acala, while we investigate and mitigate the problem. We shall report back once we go back to normal network operation.
– Acala (@AcalaNetwork) August 14, 2022
Users quickly identified the attacker’s wallet on Twitter. The wallet currently holds a lot more than 1 billion $AUSD in accordance with SubScan.
Binance’s CEO CZ quickly confirmed on his official Twitter account how the compromise occurred because of bug within the iBTC/AUSD pool.
In accordance with CoinMarketCap, the stablecoin happens to be 11.67% under $1, sitting at $0.88.6.
“We’ve identified the problem as being a misconfiguration with the iBTC/aUSD liquidity pool (which went live earlier today) that led to error mints of a substantial level of aUSD.” Acala reported on the Twitter account today.
“If you’re a whitehat/recipient of errorneously minted aUSD or swapped token from these aUSD that are not on Acala, please transfer them to addresses below :
On Polkadot: 13YMK2eYoAvStnzReuxBjMrAvPXmmdsURwZvc62PrdXimbNy
On Moonbeam: 0x7369626cd0070000000000000000000000000000 5″
Acala Network also has paused most chain functions until further notice.