Acala Network Resumes Operations After Burning $2.7 Billion Wrongly Minted aUSD Stablecoins

Acala Network has announced that it has resumed its operations following the burning of the wrongly minted aUSD tokens.

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Acala Network To Resume Operations After Passing Vote

A vote permitted LPs to withdraw liquidity from pools or unstake LP tokens. There was a reported minting mistake of

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Crypto Flipsider News – BTC & ETH Update; ADA Flips XRP; Binance Nigeria Partnership; FIFA Launches NFT Platform; The Acala USD Incident

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Continue reading Crypto Flipsider News – BTC & ETH Update; ADA Flips XRP; Binance Nigeria Partnership; FIFA Launches NFT Platform; The Acala USD Incident at DailyCoin.com.

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Most Acala Services Still Offline Twelve Days After Attack

A majority of services on Acala are still offline, according to a statement from the project today. Majority of Acala Services Are Down Acala is still attempting to restore operations...

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Acala Has Recovered Almost 3B aUSD

Acala has recovered almost 3 billion aUSD following its second trace of addresses affected by a recent attack. Acala Recovers 3 Billion aUSD Acala has recovered another batch of affected...

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Acala Community Debating Massive Token Burn to Recover From Exploit

The Acala community has proposed burning tokens to help its stablecoin recover dollar parity following this weekend’s attack. Acala Could Execute Coin Burn Acala could carry out a coin burn...

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Polkadot’s Acala Stablecoin (aUSD) Loses its Dollar Peg as Hacker Issues 1.3 Billion Tokens

The decentralized hub of the Polkadot ecosystem, Acala, has suffered a major security breach

Continue reading Polkadot’s Acala Stablecoin (aUSD) Loses its Dollar Peg as Hacker Issues 1.3 Billion Tokens at DailyCoin.com.

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Acala Stablecoin aUSD Collapses After Parachain Exploit

Acala quickly put the network in maintenance mode, pausing on-chain swaps, Polkadot cross-chain communications, and oracle price feeds to keep the stolen funds from leaving the parachain. Acala USD Depegs...

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Acala Network's aUSD Depegged from Dollar Mark after Breach

Acala Network's stablecoin was depegged from the dollar mark on Sunday following a breach. A vote was proposed to pause operations on Acala after it noticed configuration issues regarding the Horizon protocol, which affects its stablecoin aUSD. (Read More)

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Hackers are struggling to cart away with funds stolen on Acala Network

The Acala network has suffered a heavy attack from hackers. There are strong indications that the attack has claimed a whopping amount of aUSD tokens.  [...]

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AUSD 'The Stablecoin of Polkadot' Just Took a DIVE Down to $0.77cents - Is a HACK or GLITCH to Blame?

AUSD ' the stablecoin of Polkadot' took a dive just minutes ago, dropping as low as 0.77 cents on the coin's native platform, and 0.79 on KuCoin, the exchange with the highest volume usage of the coin  home of the decentralized stablecoin of Polkadot

The company tweeted: We have noticed a configuration issue of the Honzon protocol which affects aUSD. 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.

However, users on the projects official discord are claiming this was hack, pointing to this wallet that is holding over $1 billion in AUSD. https://acala.subscan.io/account/26JmEcghNmggvT46sojckg34Py9zFRKkCcFy3gr49hrFgT2k

Created by the Acala Network, AUSD stablecoin is not algorithmic, it is backed by collateral across a variety of blockchains and include DOT, KSM, ACA, KAR, BTC, and ETH.

So while we're not sure what exactly is happening, it is NOT the Terra UST/Luna situation repeating itself. 

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Author: Mark Pippen
London News Desk 
Breaking Crypto News

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DeFi On Polkadot Just Got A Massive Boost

DeFi on Polkadot is getting a massive boost thanks to a partnership with Acala and Astar Network. Covered: Astar Partner With Acala DeFi On Polkadot Astar Partner With Acala Astar Network, which bills itself as Polkadot’s innovation hub, announced a partnership with fellow parachain Acala. Together they are launching the “Astar x Acala DeFi Rising” […]

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Acala and Manta Announce Successful Calamari and Karura Connectivity

XCM integration between Calamari and Karura will initiate parachain bridging across Kusama. DApps on Polkadot and Kusama will expand concrete

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Manta, Acala Successful in Cross-chain Transfer of Parachain Assets

Manta and Acala’s cross-chain transfer of parachain assets was successful. The launching of a new HRMP and bridging of assets ...

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Acala and Karura To Join Wormhole – Accessing Over $200B Liquidity

Acala and Karura to integrate with Wormhole. The partnership will connect the Polkadot and Kusama ecosystem to eight layer-1 chains. ...

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Polkadot, Kusama to launch Wormhole bridge to Ethereum, Solana

Announced Wednesday in a blog post by Dan Reecer Chief Growth Officer at Acala and Karura, the two Polkadot protocols will integrate with Wormhole, the multi-chain bridging platform connecting blockchain networks.

The post Polkadot, Kusama to launch Wormhole bridge to Ethereum, Solana appeared first on CryptoSlate.

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Acala Integrates Wormhole, Taking Polkadot Multi-Chain

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Parachain Auction Winner Acala Commits $250M to Fuel aUSD stablecoin Adoption on Polkadot

Parachain auction winner the Acala Network has launched a $250 million fund to fuel the adoption of Acala USD (aUSD) as the dominant stablecoin for the Polkadot and Kusama ecosystem respectively. (Read More)

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DeFi Project Spotlight: Acala, Polkadot’s DeFi Hub

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Acala Is Now Live on Polkadot

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