Acala aUSD Depeg Exploit event
Overview
A misconfiguration in Acala's iBTC/aUSD liquidity pool, which had only recently gone live, allowed the creation of unbacked aUSD tokens on the Polkadot network in August 2022. The stablecoin's value collapsed to near zero after roughly 1.29 billion aUSD were minted without collateral and distributed across sixteen wallets, with additional tokens also appearing in the incentive pool. The network was halted while Acala's community voted to retrieve the improperly minted tokens and send them back to the Honzon protocol for burning. Once the corrective action was implemented, the parachain resumed normal operations.
Within The Counterparty graph, Acala aUSD Depeg Exploit connects to 1 tracked entity, most strongly to Polkadot.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Polkadot | 85% |
Frequently asked questions
What is Acala aUSD Depeg Exploit?
Acala aUSD Depeg Exploit is an event tracked in The Counterparty knowledge graph. It is connected to 1 other tracked entity, most strongly to Polkadot.
What type of entity is Acala aUSD Depeg Exploit?
Acala aUSD Depeg Exploit is classified as an event (event) in The Counterparty knowledge graph.
What is Acala aUSD Depeg Exploit connected to?
In The Counterparty knowledge graph, Acala aUSD Depeg Exploit is linked to 1 other tracked entity, most strongly to Polkadot.
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.