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DeFi Protocol Acala Network Hacked of 1.2B AUSD Stablecoin
Another Stablecoin Depegs From USD Parity, Polkadot-Based AUSD Loses 98% in Value
Acala USD (AUSD) Stablecoin On Polkadot Lost Peg
Acala USD (AUSD) Stablecoin On Polkadot Lost Peg
Ausd on Acala appears to be hacked. Another stablecoin biting the dust?
🔺 Avaware 🔺 We just launched Embr Finance, a new DEX on Avalanche! | NFT Presale going on | Yield Farm | Launchpad/Incubator | NFT Staking | The Next Big Thing on Defi 🚀
🔺 Avaware 🔺 Our Stablecoin (AUSD) is now listed on CG! | NFT Presale going on | Yield Farm | Launchpad/Incubator | NFT Staking | The Next Big Thing on Defi 🚀
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More or less, yeah 1) Move holdings onto exchange 2) Sell BTC to USD/AUSD/whatever, should be possible without stablecoins in most cases \--> be careful here to place limit orders, to not get unexpectedly low prices 3) Withdraw money 4) Go buy lambo or ramen noodles, depending on the selling price
What’s happening with AUSD?
While USDC is struggling to repeg to $1..Acala has found a solution to fix its AUSD deppeging problem. They're renaming it AYUAN
Is it DJED? AUSD isn’t out yet, the adadao is in testnet and that’s made by Cardence, I can’t think of any other
I think the biggest thing holding it back is obviously mass adoption. To the average person there is no distinct need to hold or use Bitcoin. Yes we recognize the threat the fiat system brings to, but not only does the average person not see the problem with the current fiat system but also their money is insured in the bank. So in a time like this, when on paper Bitcoin should shine, reality is sinking in, and as no one has any disposable income and interest rates are sky high, not much money is flowing into or out of Bitcoin right now. In my opinion there needs to be a very rapid desire to buy and hold Bitcoin. I think back to the early internet, mass messaging like aol created a desire to interact with people from all over the world in an instant. And unfortunately the only realistic catalyst I see for this would be a major CBDC, ei. USD, Euro, CAD, AUSD, etc. And that would be bad for many reasons as we all know. Someone smarter than me could probably theorize an alternative catalyst, but non the less a catalyst for desire is needed in my opinion, without it, Bitcoin might be in for a rocky decade+ ahead
[https://charts.cointrader.pro/charts.html?coin=TETHER%3AUSD](https://charts.cointrader.pro/charts.html?coin=TETHER%3AUSD) Tether is well within its trade band. Hardly a depeg. Looks like insiders are trying to orchestrate a short, on market weakness. Don't be surprised to see their media asset coordinate hit pieces... true or not. (Reddit posts being amongst their assets.) Know the game being played folks.
ASTR because it’s one of DOT major parachains. Easy to stake compared to GLMR. Not inflationary like GLMR. Not being ERC20 means easy to transfer with no outrageous fee. Supported by many native Polkadot wallets. The other I would invest is GLMR and to a degree MOVR. GLMR issue is the maximum number of nominators rewarded per validator, and the minimum amount required to be competitive among validators kind of like Polkadot. Not so sure about MOVR and KSM future. KSM would be the other one I would consider. Lastly, ACA if it makes a comeback from the minting error/hack. So far, compared to LUNC/USTC. I think ACA/AUSD is handling the situation much better and didn’t collapse in days like LUNC did.
I think AUSD is the reason people are guessing the country here.
So, what is the actual meaning of the AUSD here is well??
My bad. I thought it was AUSD as in AUStralian Dollar. Be easy.
>price of it in AUSD What is AUSD? Do you think the Australian dollar is called the "Australian US Dollar"? Its AUD, Australian Dollar. Not AUSD.
Moonbeam is one I have high hopes as it is easy to use and already has some big players. Acela - maybe. They AUSD debacle isn’t great though they are handling it much better than HarmonyOne - not that the bar was super high there. I like their platform and hope they survive.
Well, well, well. Besides USDT, USDC, & BUSD which are pretty popular, I know AUSD. That's the one on the Acala Network. And that's because they got their oracle services from DIA, which I'm part of its community. I think another one I know is the stablecoin on TRON. But it's all good. That's the development we want in the space.
Everytime I see someone mention "AUSD" I automatically get worried about my how the Aussie Dollar is doing... xD
This AUSD thing is still looking pretty bad huh?
tldr; Polkadot’s DeFi protocol Acala was hacked by a hacker who managed to access almost $1 billion in AUSD. The value of the AUSD has depegged, swinging between 80 and 95 cents as of this writing. The Polkadot team could only say that the Horizon protocol was experiencing configuration problems and that an emergency vote had been taken to halt all network activity. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>but at the end of the day its completely unacceptable that this could even happen in two days. Are you saying that AUSD is only two days old?
"Binance CEO Changpeng Zhao (CZ) also tweeted about the AUSD situation. CZ wrote: ACALA protocol is currently compromised. Apparently, there was a bug in the iBTC/AUSD pool and [the] attacker’s wallet now holds over a billion AUSD. We are monitoring. (AUSD is not listed on Binance)." -------------- " A flurry of other reports say a hacker managed to mint 1.2 billion AUSD, which ultimately caused the stablecoin’s depegging incident. Hours later, Acala confirmed that there was an error that resulted in the minting of large amounts of AUSD. “We have identified the issue as a misconfiguration of the iBTC/AUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of AUSD,” the team said on Sunday."
tldr; Polkadot-based stablecoin alpaca USD (AUSD) lost its peg on August 14, 2022. The stablecoin dropped below a U.S. penny in value, only to bounce back to the $0.95 region hours later. Reports say that the Acala protocol was compromised and an attacker minted 1.2 billion AUSD. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
1.2 billion minted in AUSD
I would say that is because of AUSD mess but do you really care ? All i see here is shitposting anyway and it's so boring.
Hackers account has already been frozen. AUSD is almost back to peg already.
I would have dumped my AUSD, but I don't own any, and never even knew it existed.
so DOT was not staked or locked in LPs against AUSD?
If not worried about ATOM when LUNA/UST collapsed, why worried about DOT? I’m disappointed too that this happened due to their LP issue. How can users be assured that this won’t happen again? I’m mixed on ACA/AUSD. Knowing 99.9% of the printed AUSD have been secured is kind of good, but what if they’re not as lucky next time.
I know AUSD thru its partnership with DIA, a data oracle service. But never got the chance to use acala dollars. But the Acala Network is one network I'm bullish about.
Its not a 1bn hack. The attacker printed $1bn AUSD and dumped it to zero.
same , dodged the bullet by 10 hours here. moved all my AUSD and LDOT to DOT in my ledger now staking.
tldr; Polkadot's stablecoin protocol Acala has been affected by a massive exploit. An unknown hacker has stolen over $1 billion in AUSD. The price of AUSD has dropped between 80 and 95 cents. Polkadot has been largely reliable since its inception, so this exploit is causing a rush of concern. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
ACALA has suffered a security breach. As a result of the attach an additional 1.2 Acala Dollar (AUSD) billion tokens have been minted. Shades of LUNA…
https://www.coingecko.com/en/coins/acala-dollar#:~:text=AUSD%20Price%20Today,in%20the%20last%2024%20hours.
Liquid DOT and AUSD is free falling due to hackers.
It got hacked due to a bug in the iBTC/AUSD pool. So far 1B AUSD has been taken. https://twitter.com/0xTaylor\_/status/1558644379761328128?s=20&t=sqfX\_6X9e67OkGoC0mgTKg
Fuck AUSD Just got rocked
Acala, polkadot's first parachain. They do DeFi. Acala also has their protocol running on Kusama (polkadot's test net) for quite a while now, called Karura. Karura and Polkadot both use acala's stablcoin AUSD.
Right? Lived through lots of such instances. As an example I give you USDN in April. https://charts.cointrader.pro/charts.html?coin=NEUTRINO-USD%3AUSD
You may have the seen Polkadot projects pumping quite a bit over the last couple of days. AUSD is the stablecoin of Acala, one of the first projects to win a slot on Polkadot. aUSD will be used as the stablecoin for pretty much the whole Polkadot/Kusama eco systems thanks to the interoperability of the Polkadot platform. For example you can send some Acala or DOT (for now, there will be many more coming) tokens to the Acala app and then mint aUSD against it. Basically an automated collateralized loan. I think 9 of the big Polkadot projects got together recently and announced a 250 million aUSD fund to help adoption.
I think it’ll be huge and people will regret not buying it now like when ETH was cheap. But I don’t want to be a shill and people should do their own research. - largest # of developers on Polkadot ecosystem - 3rd largest in terms of smart money investment behind BTC and ETH - In very early stage, more room to grow with only Acala, Moonbeam, and Astar up and running. Even on Acala, only its own tokens (ACA, AUSD, LDOT, LCDOT) + DOT are being traded. Its flaw that I can see is it’s not as retail friendly atm compared to ATOM with staking/rewards limitation which encourage smaller investors to stake through exchanges = give exchanges more/too much power?
Thanks and same. I love the project and am going heavy into it. I also just stake some AUSD I don't in the liquidity pools. Mint AUSD, buy ACA to match the ratio and stake the LP for like 27% plus the bonus if you keep it in until August. And this is just getting started with what they have planned. Nice to see other people thinking of cool ways to use Acala. Good luck.
I don't see that. Last week was green. https://charts.cointrader.pro/charts.html?coin=ETHEREUM%3AUSD
A lot of people saying UST. I personally switched away from UST because it dropped to $.92 during a prior crypto tumble, and the whole IRON fiasco increased my skepticism towards algorithmic stable coins. Staking USDC-DAI LP's on Sushiswap (MATIC mainnet) has been in the 15-20% ranges. Similar returns can be had minting AUSD and staking AUSD-BUSD LPs with alpaca finance. Both of these require some navigation of defi.