Acala Networka parachain of polkadot (DOT), said to have recovered 2.97 billion from 16 addresses that issued 3 billion of the stablecoin Acala Dollar (aUSD), after an attack involving a security breach last Sunday (14).
The issue happened due to a code error in one of Acala Network’s standalone contracts that managed the iBTC/USD liquidity pool. The error allowed some liquidity providers to Acala issue the stablecoin native and illegitimately move it into their own control.
According to the team behind the parachain, 99% of the “erroneous emissions” remained at the addresses in Acala Network. The team suspended the chain of Acala and managed to freeze addresses with the issued stablecoin.
Acala Network team recovers majority of aUSD
After putting the network into maintenance mode on Monday (15), the team managed to recover 1.292 billion aUSD. The amount was burned after the proposal passed in a governance vote.
In its most recent update, the Acala Network claimed to have recovered another 1.682 billion in aUSD, which increased the total amount recovered to 2.974 billion in Acala Dollar.
This additional amount of 1.682 billion must be burned before the team resumes activities on the network.
Meanwhile, 48 million aUSD have not yet been recovered, including the amount of stablecoin that has been converted and transferred to other blockchains.
The incident caused enormous volatility in the price of aUSD. The stablecoin temporarily dropped below 0.01, losing more than 99% of its value. Since then, the price of aUSD has rebounded – not yet fully – and was trading at $0.87 at the time of writing, according to data from CoinMarketCap.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
