A Hacker Stole $1.2 Billion From Acala's Liquidity Pool Crashing the Dollar-Pegged Protocol to $.01
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In the second major blockchain attack over the past week, a hacker took advantage of a bug on the iBTC/aUSD liquidity pool of Acala Network, a protocol that underpins the decentralized stablecoin of blockchain networks Polkadot and Kusama, stealing 1.2 billion aUSD by minting them without collateral.
aUSD is a crypto-backed stablecoin that Acala claims is censorship-resistant. iBTC is a form of Wrapped Bitcoin (wBTC), which can be used in DeFi protocols. The event crashed the United States dollar-pegged stablecoin to $.01, and in response, the Acala team froze the erroneously minted tokens by placing the network in maintenance mode. The move also halted other features such as swaps, xcm (cross-chain communications on Polkadot), and the oracle pallet price feeds until “further notice.”
The wallets that received erroneously mi…
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