Acala Network developers returned 2.97 billion aUSD issued by hackers

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Last week, the Acala Network parachain in the Polkadot ecosystem was hacked, in which 3 billion aUSD stablecoins were issued, but the developers managed to return almost everything.

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A few days ago, hackers discovered a vulnerability in one of Acala’s smart contracts that allowed liquidity providers to issue aUSD stablecoins in the iBTC/aUSD pool and withdraw them to their wallets. The attackers released about 3 billion aUSD, which led to a drop in the value of the stablecoin.

Shortly after the hack was discovered, the developers of the parachain stopped its work. This made it possible to keep the “erroneous” tokens in the Acala ecosystem, and within voting they were able to recover and destroy 1.292 billion aUSD. Then they managed to return another 1.682 billion tokens, although they have not yet been destroyed.

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The hackers have 48 million aUSD left, and it is not yet clear whether the attackers managed to withdraw funds to other blockchains. After the hack, the aUSD stablecoin decoupled from the US dollar and fell to 1 cent. However, now the rate has recovered and now the token is trading at $0.83.

Earlier, the analytical company Chainalysis reported that in 2022 the damage from hacks of various cryptocurrency projects amounted to $1.9 billion.

Source: Bits

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