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Polkadot-powered stable coin tanks as hackers shape 1.3 billion tokens
Hackers attacked the new liquidity pool from ACALA to shape more than a billion token almost immediately, but has recovered since then and is now acting over $ 0.90 The Stablecoin Acala Dollar (end) stablecoin acala (end) crashed to less than 10 cents on Sunday after hackers had shaped 1.3 billion of the tokens free of charge. The stablecoins output network, Acala, voted to suspend the functionality in order to tackle the situation. In a tweeting on Sunday, Acala said that a configuration problem in its StableCoin protocol Honzon, which affects the functioning of USD, has noticed. Acala, one of the first ...
Polkadot-powered stable coin tanks as hackers shape 1.3 billion tokens
- hacker attacked the new liquidity pool from Acala to shape more than a billion token
- ended almost immediately, but has recovered since then and is now acting over $ 0.90
The StableCoin Acala Dollar (end) stablecoin operated by Polkadot crashed under 10 cents on Sunday after Hacker had shaped 1.3 billion of the tokens free of charge.
The spending network of the stablecoins, Acala, voted to suspend the functionality in order to tackle the situation. In a Twitter said Acrue on Sunday that it has a configuration problem in his stable protocol Honzon has a direct impact on the functionality of USD.
Acala, one of the first polar cadot Paraketten , stylizes itself as a "defi hub" for the network. It had just introduced a powerful liquidity pool for a USD and a form of packaged Bitcoin that contained an error that predicted how the pool pays rewards.
Observer in the chain Hacker had been used to shape 1.3 billion US dollar with one Holding around 1.27 billion. end.
The incident led to the fact that ends that had retained its soft binding since its introduction in February, crash as low as 0.07 $ on Kucoin in May reflected.
However, ended quickly and is now traded for more than $ 0.90. Blockchain explorers show an official USD deliver almost 4.8 million tokens.
While the Honzon protocol from Acala manages the stablecoin based on various risk management algorithms, the value of end is also derived from a basket of reserve power values, mainly polkadot ecosystem token. Users can shape a USD by sending certain digital assets to the protocol. "This enables people to act, act and provide services with a USD without price volatility," says an announcement item of end. Acala referred to the Snafu as a "incorrect configuration" and claims that it was a "nofollow noopener" target = "_ blank" href = "https://twitter.com/acalanetwork/1558536324604672"> corrected on the same day and Wallet addresses that had received the erroneously characterized ends were identified. The network itself did not announced the amount of the tokens printed during the incident, but said that over 99 % of the tokens concerned had been retained. The remaining illegal end was blocked until a collective governance decision was coordinated about what to do next, added acala. Next we will continue the on-chain activity tracking and share the results with the community in order to facilitate the formulation of community suggestions and decision-making in order to fix the error MINT of a USD and restore a USD bond. Thank you for your patience and support. We will update - Acala (@acalanetwork) 14. August 2022 Last October, experimental polkadot implementation kusama similar Manage security gap with stolen tokens. Both the Acala Network and the co -founder Bette Chen did not answer the request from Blockworks for comment until the time of going to press. Acalas ACA has lost about 13 % since the attack. Said Binance-CEO Changpeng Zhao in A Twitter that the stock exchange "monitors". Binance does not list a USD, but supports the ACA trade. David Canellis contributed to reporting. . . The article Polkadot-Powered StableCoin Tanks as Hackers Mint 1.3b Tokens is not a financial advice. Polkadot networks handle hackers with governance votes
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