Sunday, November 27, 2022
 

New Insider Update on the 3 Billion aUSD Hack on Acala Network

  • Bette Chen said her team traced the 3.022B aUSD error mints claimed by 16 addresses, which have been exchanged and transferred to CEXs.
  • In the coming weeks, the team would focus on providing more trace details for the community to formulate proposals for resolution.
  • Acala Network is offering a 5% bounty to anyone who returns at least 95% of total stolen funds.

On August 14, 2022, Acala Dollar (aUSD), a decentralized, multi-collateralized stablecoin de-pegged by 99% after suffering an exploit where hackers issued billions of aUSD tokens for free.  Bette Chen, a Co-Founder of Acala Network, has provided more details on the unfortunate incident.

Chen said her team had traced the 3.022B aUSD error mints claimed by 16 addresses and that some have exchanged and transferred the token to other XCM-connected chains such as Polkadot, Moonbeam, Interlay, Astar, as well as CEXs.

They also found that 1.68B aUSD error mints were still in the form of iBTC/aUSD LP token in one of the 16 identified addresses. Likewise, a part of the 134.73K DOT token ($960,624) from the aUSD error mints has been sent to a centralized exchange.

The report also noted that the team would focus on providing more trace details for the remaining aUSD error mints in the coming week “so that the community can formulate proposals to resolve the aUSD error mints.”

The network also hopes to formulate proposals to resolve the imbalance of the affected liquidity pool before resuming normal operations. The report read in part:

[…] the team is doing its best to strike a balance between accuracy and speed. As more traces on aUSD error mints and aUSD error mints-swapped tokens are being completed, our community will have a clearer picture in formulating aUSD recovery proposals.

Noteworthy is that Acala Network is offering a 5% bounty to anyone who returns at least 95% of total stolen funds. At the time of writing, the stablecoin aUSD trades at $0.8174.

  • Bette Chen said her team traced the 3.022B aUSD error mints claimed by 16 addresses, which have been exchanged and transferred to CEXs.
  • In the coming weeks, the team would focus on providing more trace details for the community to formulate proposals for resolution.
  • Acala Network is offering a 5% bounty to anyone who returns at least 95% of total stolen funds.

On August 14, 2022, Acala Dollar (aUSD), a decentralized, multi-collateralized stablecoin de-pegged by 99% after suffering an exploit where hackers issued billions of aUSD tokens for free.  Bette Chen, a Co-Founder of Acala Network, has provided more details on the unfortunate incident.

Chen said her team had traced the 3.022B aUSD error mints claimed by 16 addresses and that some have exchanged and transferred the token to other XCM-connected chains such as Polkadot, Moonbeam, Interlay, Astar, as well as CEXs.

They also found that 1.68B aUSD error mints were still in the form of iBTC/aUSD LP token in one of the 16 identified addresses. Likewise, a part of the 134.73K DOT token ($960,624) from the aUSD error mints has been sent to a centralized exchange.

The report also noted that the team would focus on providing more trace details for the remaining aUSD error mints in the coming week “so that the community can formulate proposals to resolve the aUSD error mints.”

The network also hopes to formulate proposals to resolve the imbalance of the affected liquidity pool before resuming normal operations. The report read in part:

[…] the team is doing its best to strike a balance between accuracy and speed. As more traces on aUSD error mints and aUSD error mints-swapped tokens are being completed, our community will have a clearer picture in formulating aUSD recovery proposals.

Noteworthy is that Acala Network is offering a 5% bounty to anyone who returns at least 95% of total stolen funds. At the time of writing, the stablecoin aUSD trades at $0.8174.

 

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