Polkadot’s Acala Plunges by 70% After Hackers Issued 1.2 Billion AUSD

Polkadot’s Acala Plunges by 70% After Hackers Issued 1.2 Billion AUSD

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Hardly a month has passed since setting foot into this year without the crypto community witnessing attacks from the cyberpunks on a crypto project, Polkadot Acala is currently the latest victim of a major attack.

The users of Polkadot decentralized finance have been struck with panic as per the information revealed on Twitter by the network on Sunday.

“We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.”

Polkadot decentralized finance network is the host of AUSD ecosystem, and was hit with an attack from hackers which saw approximately 1.2 billion AUSD issued by the attackers.

The hack was however reported to be caused by a bug in the iBTC/AUSD pool leaving the attacker’s wallet with 785,938 AUSD tokens as of when the information was disclosed.

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Another Terra UST Episode?

A shock the crypto community may not recover from is that of the crash of the stablecoin UST earlier this year, an event that left many investors and traders losing billion of their funds due to the collapse.

Since the crash of UST, the level of trust investors and traders have had in stablecoins generally has dropped.

As a result of this, any stablecoin depegged has been leading to fear in the crypto market. Due to the attack on the Polkadot’s ecosystem stablecoin has lost its pegged value, AUSD stablecoin however plunges by 70%.

The stablecoin however later finds its way to move back to 44% of its value, several discussions have been ongoing within the community on whether it will result in a Terra-like situation.

Acala stablecoin which was launched in February this year is the default stablecoin for Polkadot and Kusama ecosystem.

The AUSD token is a multi-chain version of the Ethereum-based Dai (DAI) stablecoin. 

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