Hello HODLers!
We all remember the case of the Depeg of cryptocurrencies Terra LUNA and USDT which took place in May. Well, apparently, a new stablecoin is the victim of a hacker attack that has brought its price down by as much as 99%.
It is aUSD, the stablecoin of Acala's DeFi platform.
Specifically, a malicious actor was able to exploit a misconfiguration in the Honzon protocol (native to Acala), and through it to mint around $ 1.2 billion aUSD.
A lightning vote is underway to suspend operations on the network until the problem is completely gutted, to block any other flaws and establish a course of action to counteract the harmful effects.
The dollar peg still looks a long way off for aUSD due to the dilution and lack of confidence that comes with such a bug, and the confusion created by different oracles (Coingecko reports aUSD to $ 0.009, which is the price at which traded on-chain, while Coinmarketcap at $ 0.90, the latest trading price on CeFi platforms). The exploit appears to have started from the iBTC / aUSD pool on Acala Swap.
The price of $ ACA suffers by -12% for the time being, but the situation could worsen if the aUSD created out of thin air were not removed from circulation quickly.
For the reputation of Acala, which is one of the most successful parachains among those of the Polkadot ecosystem - 1st for TVL in the Polkadot DeFi - and the one with the wider community, it remains a blow: if the problem is not solved , DeFi would be drained of funds in an exodus to safer chains, if unpopular decisions were to be made to fix it quickly, decentralization could be called into question.
To conclude with a laugh I share with you a meme that describes with irony the situation of the moment ... It has been a long summer of depeg for some stablecoins!
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