Acala Network was exploited, a USD out of the blue depeg

As if the story on UST had cooled, just lately aUSD was the following coin to make the stablecoin listing from depeg. However, the key motive comes from the hole in the liquidity pool with iBTC.

This morning (August 14) a suspicious transaction took location on the Acala network. This is believed to be a hacker’s exploit for a vulnerability in the iBTC / aUSD pool.

It would seem @AcalaNetwork it was just hacked due to a bug in the iBTC / AUSD pool. Here is the attacker’s wallet https://t.co/eFRVeK3TiZ which now holds above a billion $ USD.

– 0xTaysama – IYKYK (@ 0xTaylor_) August 14, 2022

According to the very first hypothesis, the hacker might have exploited the vulnerability to drain aUSD from the pool (with an estimate of one billion aUSD at the time of implementation). Very quickly, Acala’s staff confirmed the vulnerability and swiftly suspended the protocol to investigate.

We have observed a Honzon protocol configuration challenge affecting USD. We are passing an urgent vote to suspend operations on Acala as we investigate and mitigate the issue. We will inform you when we get back to standard network operation.

– Acala (@AcalaNetwork) August 14, 2022

“We have identified a vulnerability with the Honzon protocol affecting the aUSD. We have just passed an urgent recommendation to near Acala, to investigate and correct the issue. We will promptly report the incident after the network is back to standard. “

At the time of creating, 1 USD has plummeted from the $ one anchor zone.

The most current updates will quickly be sent to readers by Coinlive.

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