Acala has taken another step to recover funds that were affected by a recent attack. The altcoin project has recovered nearly $3 billion after the recent hack. Price reset after recovered funds recovered 8,300%
Acala gets $3 billion back
Acala has managed to reclaim another group of affected funds. The first hacking attack on the protocol took place on August 14. At that time, an attacker minted billions of dollars in aUSD stablecoin. He then exchanged some of that amount for other cryptocurrencies. However, the project quickly froze its network and prevented further movement of coins.
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.
— Acala (@AcalaNetwork) August 14, 2022
On August 15, Acala bought back 1.29 billion aUSD for the first time. Now, it has saved another $1.68 billion, with a second follow-up completed on August 17. Thus, the total amount of recovered funds reached approximately 3 billion dollars. Acala says there are 1.68 billion aUSD left, especially in 16 addresses tracked along with other tokens. These other assets include reverse synthetic Bitcoin (iBTC), Acala (ACA), Polkadot (DOT), and liquid staking DOT (LDOT).
Autopsy and other reports will also be published.
Details of the tracking show that 16 addresses belong to users contributing to Acala’s iBTC/aUSD liquidity pools. These addresses received incorrectly minted USD after claiming liquidity provider rewards from the prize pool. Acala said it will continue to release more monitoring reports to help the community come up with recommendations to resolve the situation.
Other rescue efforts are also ongoing. On August 16, a coin burn was proposed and implemented to help the USD regain its dollar parity. The burn destroyed the 1.29 billion saved on the first trail. The burn was partially successful as CoinMarketCap showed the USD surged from $0.01 to $0.85 after the attack.
Altcoin makes 8,300% after surviving funds
The incident caused the price of aUSD to fluctuate wildly. The coin briefly dropped below $0.001 on Sunday after losing more than 99% of its value. Since then, the stablecoin has bounced back and is currently trading at around $0.8344.
