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.
The recently passed community governance referendum has taken place.
A total of 1,292,860,248 mis-minted aUSD were returned to the honzon protocol and burned.
Details in the thread below⤵
— Acala (@AcalaNetwork) August 16, 2022
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.
Billion USD Incident -> On-Chain Analysis
A small thread about what happened at Acala during the time of the incident and how much damage was done.
My estimates range from $0-10 million, with a potential recovery of around $1.6 million.
🧵👇
— Alice and Bob (⚖️,⚖️) (@alice_und_bob) August 14, 2022
Acala has revealed that it will track the wallet address linked to the remaining funds and burn the tokens upon collection.
2/5
Identify erroneously created aUSD swapped to other tokens or added to liquidity pools, other related tx executed by 16 wallet addresses and other addresses, parachains and trades More trace reports are in progress to identify the exodus of tokens to
— Acala (@AcalaNetwork) August 16, 2022