Acala Network Heals Its Wounds: AUSD Restores Stability With $1.2 Billion Burn

Acala Network, which was at the center of a $ 1.2 billion attack in the past days, decided to burn the amount in question as a result of community voting. After the burning process, aUSD, which functions as a stablecoin, is trying to regain the peg stability level of 1 dollar.

14 august day polkadotAcala Network from (DOT) DeFi (Decentralized Finance) ecosystem due to an error in its liquidity pool A $1.2 billion hack became a victim. As a result of the investigations on the network, the attack iBTC/AUSD It was understood that there was an error in the liquidity pool. After the attack, the aUSD, which functions as a stablecoin, suffered a great loss of value and $0.0054 decreased to levels.

In the immediate aftermath of the attack, the Acala community quickly DAO (Decentralized autonomous organization) voting of the network temporarily into maintenance mode decided to take it. During the maintenance mode, the aforementioned 1.2 billion aUSD was paid to the DAO. a vote to be burned presented. This proposal was approved by the community within hours, and the Acala dev team started the burn process of $ 1.2 billion in assets. Shared today from the official Twitter account of Acala according to the announcement The burning process has been successfully completed.

At aUSD price after burning A rapid recovery was observed. and at the time of this writing From 0.902 dollars traded in the market. In the statement made by the Acala Network team, it was stated that they continued to monitor the 16 suspicious addresses and detailed reports were made for possible parachain or stock exchange transfer transactions of these addresses.

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