Nishant KAcala’s Stablecoins plummets by 99% after exploters attack the defi platform
- DEFI platform Acala’s stablecoin falls by 99% after hacker hacks stablecoin
- A bug in the configuration results in a loss of over 10 million dollars
- Acala Developers working hard to recover the lost money
- Crypto attack not in a mood to stop
DEFI platform Acala’s stablecoin falls by 99% after hacker hacks the stablecoin
A decentralized, multi-collateral, and crypto-backed stablecoin, aUSD which essentially is the native token of the DEFI platform Acala was reportedly hacked and over 1.3 billion tokens were stolen from the platform. As soon as the tokens were stolen, the value of the cryptocurrency supposedly fell by at least 99%. Acala, in its worst night mare would not have thought about such an instance where an external person would lead to the downfall of the cryptocurrency.
A bug in configuration helps the hacker to get into the DEFI system
According to the reports, it is believed that, a bug which was caused by misconfiguration of iBTC/aUSD liquidity pool helped the hacker get into the systems to rob at least over a billion tokens of the DEFI platform. According to the reports it is known that, Acala has asked white-hat hackers to return the stolen funds to Polkadot or Moonbeam addresses.
Not only that, the technical team of the platform also reported that, the bug was not only used by the hacker, but was also used by many other investors, who allegedly stole thousands of dollars’ worth of DOT from the liquidity pool.
Acala’s developers working hard to recover the losses
Developers for Acala announced Sunday night that they would keep track of the on-chain activity in an effort to fix the USD minting problem and re-establish aUSD’s peg.
Later on, Monday, members of the Acala community came up with a plan that would see all incorrectly produced aUSD coins returned to the network and then burned.
Crypto attacks not in a mood to stop
Credits: CSO Online
If you are already a part of crypto community, you would know how unsafe and unsecure the market place is for holding the investments. Every day, at least one of the platforms or cryptocurrency is targeted by the hackers and more often than not, these hackers are successful in hacking and stealing their desired amount of tokens, leaving the companies and the investors in disbelief.
________________________________________________________________________________________________________________________________
What do you think about this incident? Do you think hackers are robbing off the true essence of the crypto market? Share your thoughts in the comments below. Also if you like the content, then please share it with your peers.