Friday, December 9, 2022
 

Community Submits Proposal To Return aUSD Error Mints: Acala

  • Acala Network disclosed that a community proposal was submitted to return 1.68 billion aUSD error mints in the iBTC/aUSD liquidity pool.
  • A sentiment vote is live to gather feedback from the Acala community.
  • On August 14, the iBTC/aUSD liquidity pool was exploited due to a misconfiguration.

Acala disclosed that a community proposal was submitted earlier concerning one of the network’s on-chain trace results to return 1.68 billion aUSD error mints in the mentioned liquidity pool. This comes on the heels of Acala Network freezing of funds after a misconfiguration of the iBTC/aUSD liquidity pool resulted in error mints of a significant amount of Polkadota and Kusama native stablecoin Acala USD (aUSD).

“Trace Result #2 analyzed the activities of biggest claim account of aUSD error mints, established the trace of profits made from claiming aUSD error mints, re-participate in iBTC/aUSD pool multiple times to earn enormous LP share,” user Cicada wrote in the proposal.

I think it’s fair to return what’s obtained after the incident, and have it keep the LP, etc. before.

The user also posits burning the other error mint in aUSD that were transferred from address to address that are yet to be included in Acala’s trace summary. “I suggest we do a sentiment check before an on-chain vote,” user Cicada added.

According to Acala, a sentiment vote is already live to gather feedback from the community before officially confirming the proposal’s feasibility and aid in pre-imaging. At the time of writing, 51 users have voted “yes” to the proposal. The sole vote to forego the proposal said that the plan would set a “dangerous precedent” for the blockchain censorship resistance of Acala.

On August 14, the iBTC/aUSD liquidity pool was exploited just after its launch, which caused aUSD’s value to plummet by 99% after a misconfiguration. An Acala contributor noticed the unusual on-chain activity and started investigating, later declaring an incident. An urgent governance vote was issued to pause Acalaswap to identify the problem. After the configuration has been rectified, the suspicious minting of aUSD stopped.

The Acala team has since started tracing on-chain activities of erroneously minted aUSD, with its trace results already at number three.

A 5% reward will be given to anyone who returns at least 95% of the total funds transferred. “Once returned, no further actions will then be taken towards these addresses regarding the funds transferred from Acala to Polkadot,” the bounty section reads.

  • Acala Network disclosed that a community proposal was submitted to return 1.68 billion aUSD error mints in the iBTC/aUSD liquidity pool.
  • A sentiment vote is live to gather feedback from the Acala community.
  • On August 14, the iBTC/aUSD liquidity pool was exploited due to a misconfiguration.

Acala disclosed that a community proposal was submitted earlier concerning one of the network’s on-chain trace results to return 1.68 billion aUSD error mints in the mentioned liquidity pool. This comes on the heels of Acala Network freezing of funds after a misconfiguration of the iBTC/aUSD liquidity pool resulted in error mints of a significant amount of Polkadota and Kusama native stablecoin Acala USD (aUSD).

“Trace Result #2 analyzed the activities of biggest claim account of aUSD error mints, established the trace of profits made from claiming aUSD error mints, re-participate in iBTC/aUSD pool multiple times to earn enormous LP share,” user Cicada wrote in the proposal.

I think it’s fair to return what’s obtained after the incident, and have it keep the LP, etc. before.

The user also posits burning the other error mint in aUSD that were transferred from address to address that are yet to be included in Acala’s trace summary. “I suggest we do a sentiment check before an on-chain vote,” user Cicada added.

According to Acala, a sentiment vote is already live to gather feedback from the community before officially confirming the proposal’s feasibility and aid in pre-imaging. At the time of writing, 51 users have voted “yes” to the proposal. The sole vote to forego the proposal said that the plan would set a “dangerous precedent” for the blockchain censorship resistance of Acala.

On August 14, the iBTC/aUSD liquidity pool was exploited just after its launch, which caused aUSD’s value to plummet by 99% after a misconfiguration. An Acala contributor noticed the unusual on-chain activity and started investigating, later declaring an incident. An urgent governance vote was issued to pause Acalaswap to identify the problem. After the configuration has been rectified, the suspicious minting of aUSD stopped.

The Acala team has since started tracing on-chain activities of erroneously minted aUSD, with its trace results already at number three.

A 5% reward will be given to anyone who returns at least 95% of the total funds transferred. “Once returned, no further actions will then be taken towards these addresses regarding the funds transferred from Acala to Polkadot,” the bounty section reads.

 

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