It’s a hack by hackers who have managed to bypass the security of many other protocols in the last few months. DeFi The protocol has been hacked more. This time the victim was Polkadot-based Alcala.
AUSD Drops To Low As DeFi Platform Acala Still Remains Threatened
of polkadot aUSD The decentralized finance (DeFi) network that hosts the ecosystem announced via its official Twitter account that operations were halted after “configuration issues” increased in the network.
The tweet, which has since left users of the platform in a panic, is as follows:
“We noticed a configuration issue in the Honzon protocol affecting aUSD. We are holding an urgent vote to pause operations in Acala as we investigate and fix the issue. We will report back when we return to normal network operation.”
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.
— Acala (@AcalaNetwork) August 14, 2022
It seems that hackers have released more than 1.2 billion aUSD after gaining access to the network. This caused the price of the altcoin to drop by 70% instantly. At the time of this writing, aUSD is relatively rebounding.
This pullback came shortly after aUSD hit $1.03 for the first time since June 30. With the hack, the aUSD price dropped to $0.58.
One of the native stablecoins of the Polkadot ecosystem, aUSD is a decentralized, multi-collateral crypto-backed stablecoin. Launched in February 2022, aUSD is minted through the Collateralized Debt Positions (CDPs) system. The stablecoin was pegged to the value of the USD.
*Not investment advice.
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