of polkadot DeFi focused altcoin parachain Acala (ACA) It announced on Wednesday that it has fully reopened its services to users, three weeks after a major vulnerability incident.
Acala Altcoin Platform, which suffered great damage from the hacking event, returns after about 2 months
The latest development came after the third management vote for Acala to continue its activities was also positive. The project wrote the following on Twitter:
“Community voting has been held for phase 3/3 of the restart of Acala operations. All functions in Acala are now available.”
Acala operates as an app-specific parachain, aiming to become a financial hub on Polkadot.
Platform, Acala USD (aUSD) named, Polkadot (DOT), Kusama (KSM), Acala (ACA) and Karura (KAR) It offers a native decentralized stablecoin that can be minted using collateral altcoins such as coin and then staked for returns.
On August 13, Acala suffered a vulnerability as a result of a code error in a smart contract controlling its liquidity pool. The misconfiguration resulted in liquidity providers (LPs) “misprinting” approximately 3 billion aUSD while withdrawing their holdings.
In total, 3.02 billion aUSD in nearly 300 address wallets were improperly collected. However, only a small part of this amount was transferred to other parachains. The incident caused the aUSD to lose its peg to the US dollar.
After this situation was identified, the team quickly suspended the network in an emergency management vote. Later, the developers froze and burned the vast majority of the abused funds tracked on the Acala network.
The team currently owns all 10.9 million aUSD stablecoins circulating in user altcoin wallets and Acala’s liquidity pools. cryptocurrencies He said it was supported by 1:1.
The platform also added that all aUSD printing errors have been reverted, except for the $5.8 million asset in the attack. The amount stolen was supplemented by additions from the developer team’s own funds.
*Not investment advice.
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