After yesterday’s hack, Acala’s stablecoin became depeg, 99 percent off its value.
The target of the hackers was Acala, the DeFi protocol of the Polkadot network. The attackers managed to break in by exploiting a bug in the liquidity pool that Acala uses to tokenize its native stablecoin, AUSD. The Acala team, after noticing the vulnerability, disabled the transfer function of the misprinted AUSD remaining on the Acala coin chain.
Acala Stablecoin Drops 99 Percent After Hack
DeFi protocol Acala suffered a security breach, which caused the stablecoin AUSD to become stable. AUSD, which fell by 99 percent for a short time, started an upward trend again.
Approximately $1.27 billion was lost in the attack, which is stated to be caused by a bug in the stablecoin pool. It was also noted that the attacker was not the only one to exploit the bug, and several other users allegedly stole thousands of dollars worth of DOT from the liquidity pool.
Due to the attack, the AUSD stablecoin had lost its stable, hitting an all-time low of 0.5713. As of the writing of the news, it is trading at 0.8534 levels.
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