Another Crypto Attack
ACALA a decentralized finance (DeFi) network powering the aUSD stablecoin ecosystem and Polkadot (Dot) would have been the new Terra LUNA/UST but the attack was successful and unsuccessful, and the price of Acala dollar (aUSD) plummet 99.1% in the last 24 hours just like UST but the good things the hackers didn't get away with the money and Acala protocol have everything under control which is lovely because this was another LUNA/UST kind of crash but they would bounce back nice based on their update of the on the issue and in the process of fixing it.
If the hack was successful and the $1.2 billion hacked in aUSD was moved it would have been a very bad look for crypto because the numerous crypto attack popping up here and there is gradually becoming a new norm, the most recent crypto attack before this one was on the Solana blockchain which exploitation on their systems loophole affected at least 7,767 digital wallets and made them a victim of the hack as so many people's assets were alleged to have disappeared from their self-custodial Solana wallets Including Solana decentralized non-fungible token (NFT) marketplace Magic Eden and Phantom a friendly crypto wallet application built on Solana.
The ACALA/aUSD Attack
Some Hackers or Hacker tried to steal $1.2 billion in Acala dollar (aUSD) stablecoin but were unsuccessful as the ACALA protocol stopped it right in time before the hackers were able to move the money, currently Acala network is down due to their system being compromised by the hack, they are in the process of fixing the hack issues and have promised to notify everyone when they are back online. **The hacker's excessively minted aUSD stablecoin caused its value to plummet 99.1% and is currently depegged as its current value is 0.0093 cents.
Acala Tweet:
We have noticed a configuration issue of the Honzon protocol which affects USD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation..
I am so happy that Acala caught the hack, although it was not so early but early enough to stop the hacker from stealing $1.2 billion, which is good in my opinion and I hope they are back online soon.
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