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Huge Discount on Acala USD (AUSD) - Should You Buy It?

By Cryptofab | Cointune | 14 Aug 2022


Acala was recently attacked by hackers, who issued more than 1.2 billion AUSD. Therefore, AUSD lost its peg, dropping down to 0.051 USDT on KuCoin:

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Now that it is below $1 USD, should you buy it?

It would be a risky bet, since the hackers have significantly increased the circulating supply with that huge token issuance, which means that the token is not fully backed anymore. It could be similar to what happened with UST on Terra blockchain, causing the huge LUNA drop. It could also have an impact on Polkadot (DOT) since it is the main collateral of Acala protocol.

Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.

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Cryptofab
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