Acala returns $2.974 billion in cryptocurrencies
The Acala team recovered after a $2.97 billion cryptocurrency hack. Stablecoin tokens were minted last Sunday in excess of $3 billion.
It was lucky that 99% of the tokens were blocked in the Acala blockchain, and they managed to get them back from 16 addresses in a few tricks.
First, $1.292 billion worth of cryptocurrencies was returned. It was burned after a leadership vote. Then $1.682 billion worth of tokens were returned, bringing the total to $2.974 billion.
As a result, the stablecoin, which lost its peg to the dollar and fell in price to $0.01 over the weekend, briefly regained its price. On August 15, against the backdrop of positive news about the return of tokens, the price of the cryptocurrency recovered to $0.9, but already on August 17, the value of the stablecoin fell again to $0.0094.
2nd batch trace results + summary below. A total 3.022B aUSD error mints were claimed by 16 addresses. Acala referendum #21 burned ~1.292B. 1.682B aUSD error mints in iBTC/aUSD LP tokens, obtained after the incident happened, remain on 16 Acala addresses. https://t.co/8MTBinhrVP— Acala (@AcalaNetwork) August 17, 2022
Recall that the problem arose due to an error made in one of the network's smart contracts. He managed the iBTC/aUSD liquidity pool. The bug allowed Acala liquidity providers to mint stablecoins.
This led to a disaster, the consequences of which still call into question the continued existence of the project. Also, the fate of the 48 million tokens that were minted and transferred to other blockchains is still unclear.
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