aUSD Stablecoin Crashes After Acala Exploit

16.08.2022 09:22 (Updated 18.08.2022 08:08)
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by Gabriel Cross
1 min read

Another day, another crypto hack. This time, a bug in the aUSD stablecoin’s liquidity pool was exploited, as hackers minted 1.28 billion aUSD coins.

aUSD is a stablecoin introduced by the DeFi platform Acala, which operates on Polkadot. Following the exploit, Acala quickly fixed the bug and identified the wallets which received the aUSD minted in the attack.

However, the value of aUSD significantly dropped, causing it to lose its dollar peg. According to CoinMarketCap, it is currently trading at $0.009, which is an almost 99% drop when compared to the price of aUSD before the exploit. And Acala’s native token, ACA, is trading at $0.26, which means it’s around 6% down.

aUSD is now among other stablecoins that have crashed recently, including UST and DEI.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

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