As a number of dollar-pegged crypto assets depegged from their dollar value this year, 2022 has been the year of unstable coins. The value of the Polkadot-based stablecoin alpaca usd (AUSD) fell to below one US penny on August 14 before rising again to around $0.95 a few hours later. According to reports, the Acala protocol was breached, and an attacker made 1.2 billion AUSD.
AUSD Stablecoin from Polkadot Drops Significantly Below the $1 Parity
A number of stablecoins, including USDT, USDC, DAI, and a few others, have had a terrible year in terms of maintaining their value in U.S. dollars. The whole Terra ecosystem collapsed as a result of the depegging of the terra usd (UST), now known as USTC, and more than $40 billion left the crypto industry. Stablecoins like Waves' neutrino usd (USDN), Abracadabra's magic internet money (MIM), and Tron's USDD dropped below the $1 threshold as a result of that incident.
Terra's USTC never regained the $1 peg, but on August 14, 2022, all three currencies will switch to $0.99 per coin. However, the Polkadot-based stablecoin alpaca USD (AUSD) lost its peg on the same day. According to information from coinmarketcap.com, a record low of about $0.006383 per unit was set on Sunday. AUSD's price had returned to the $0.95 level as of the time this post was being written at 3:15 p.m. (EST), but it quickly dropped to $0.01165.
The problem was tweeted reported by Polkadot's Acala Network just before the significant changes in the value of the AUSD. According to Acala Network's official Twitter feed, "We have found a configuration fault in the Honzon protocol which impacts AUSD." "We are urgently voting to halt operations on Acala while we look into and address the problem. As soon as the network resumes regular operation, we will update you, the team said.
Changpeng Zhao (CZ), the CEO of Binance, also tweeted on the AUSD situation. CZ stated:
"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)."
Misconfiguration, according to Acala Protocol 'Error Mints of a Significant Amount of AUSD' were the outcome.
According to a flurry of additional stories, a hacker successfully made 1.2 billion Australian dollars, which finally led to the stablecoin's depegging incident. Acala acknowledged the miscalculation that led to the excessive minting of AUSD many hours later. The team announced on Sunday that they have located the problem as a misconfiguration of the iBTC/AUSD liquidity pool, which went online earlier today and caused incorrect mints of a sizable number of AUSD.
The team continued, "These incorrectly minted AUSD remaining on Acala parachain combined with these swapped Acala parachain native tokens have been transfer disabled pending Acala community collective governance decision on [the] resolution of the problem minting." According to the AUSD market statistics on coinmarketcap.com, the U.S. dollar value of AUSD is still $0.01159 per coin at 4:00 p.m. (EST) despite this news.
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