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Stablecoin Acala aUSD again loses its peg to the US dollar

The Acala network was unable to overcome the consequences of the incident, and the short-term rise in the value of the stablecoin aUSD was again replaced by a fall.

On August 14th, immediately after the exploit was discovered, the Acala team took action by suspending the Acala parachain and launching a community vote to burn approximately $1.29B in oversupply. The community quickly accepted the proposal, with a 95% vote, which allowed the stablecoin to rise by more than 10,000% in 24 hours, almost approaching a peg above $0.9. In addition, the community held another referendum on Sunday to burn an additional $1.68 billion.

However, the work of many services on Acala was broken. PeckShieldAlert analytics platform coming soon informedthat the stablecoin Acala USD (aUSD) lost its peg again and fell to $0.80

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“We have the most time-consuming and important part of dealing with the liquidity pools that have been severely affected by the incident: correcting the imbalance before the network resumes normal operation. We still have some time before services on Acala can be fully resumed. We appreciate your patience and support,” the development team said in a statement.

Some users have publicly expressed concern that the developers of the decentralized network can suspend its work and gain access to user funds by a simple vote.

Last week, there were liquidity problems with the stablecoin HUSD, which briefly lost its peg to the US dollar. On August 19, the stablecoin won back its fall, reaching the coin price of $0.9969. According to CoinMarketCap, the total market capitalization of HUSD has exceeded $160 million.


Source: Bits

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