Cryptocurrency

Acala burns 99% of aUSD involved in mint exploit

Acala reportedly lost US$1.288 billion to hackers Exploit Sunday.

Following the Horizon Protocol mint error, the community unanimously approved a referendum to destroy all erroneously created tokens. As a result, 1.2 billion aUSD was removed from circulation in order to mitigate the risk of exploitation and return aUSD to the peg.burns were performed to August 16th.

aUSD returns to the peg

As price data from , the net effect of Burn is unfolded in aUSD. coin gecko It shows that you are back on the peg. At the time of writing, aUSD shows him trading at $0.91, a 99% recovery from Sunday’s low of $0.009.

Fudo Myoo’s Next Plan

Initially, 1.3 billion aUSD was Accidentally Cast, 99% of which are destroyed by fire. The remaining 1%, or 4,299,119 aUSD, was reportedly swapped with other tokens and added to liquidity pools, including the recently launched iBTC-aUSD pool.

On-chain analytics by community member Revealed that $1.6 million worth of aUSD is still recoverable.

Acala has revealed that it will track the wallet address linked to the remaining funds and burn the tokens upon collection.

Posted In: Hack, Stablecoin

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