Latest NewsPolkadot's Stablecoin Acala has been destroyed

Polkadot’s Stablecoin Acala has been destroyed

Polkadot major Acala d5 platform has been destroyed. It is the latest in a path of destruction for stablecoins and d5. If you check the Acala dollar which is supposed to be a dollar it basically dropped from almost a dollar to one penny.

They got pwned harder than tara luna all of a sudden no volume completely annihilated. Why is that well that’s because token stable Acala got hacked and fell 99% tara luna only fell 97% after hackers issued 1.3 billion dollars in tokens in a major major sell-off.

So it has been annihilated and destroyed from existence. There was a bug in the protocol and it was the newly deployed ibtca USD. Ausd is an Acala dollar there are many ausd’s and that left the door wide open for the hackers to exploit. So another bad smart contract possibly another insider job insiders like leave a bug and they split with the hackers all this is very possible.

I’m not saying I have proof of this or this is what happened but it is very very possible. Polkadot-based decentralized finance platform Acala’s native stablecoin ausd has been de-pegged on Sunday and it plummeted to death 99% and the hackers deployed a liquidity pool to mint 1.28 billion tokens which they sold on the market and annihilated Acala. 

The bug, according to an Acala developer, was due to an incorrect ibtca usd configuration. I wonder if they knew of this bug beforehand and if it was all an evil scheme we won’t know. The Acala team disabled the transfer functionality of the incorrectly-minted ausd after becoming aware of the export, but it was already too late to stop impending destruction. Remaining on a calapara chain pair of chains refers to the custom project-specific blockchains that are integrated with Polkadot and Kusama networks and can be customized for a number of use cases.

If you actually just look at Acala itself it also has well I mean it’s suffered just like the rest of the coins. I don’t know if it’s like really suffered today it really hasn’t but the stablecoin has been destroyed and basically, around 1 am it did plummet a couple of cents but not really that bad.

Actually, its stablecoin has been destroyed. Approximately 1.27 billion Australian dollars are still present in a wallet that is thought to be the attackers. So like they haven’t been able to cash that out anyways it’s worth a penny so it wouldn’t really be worth too much. So basically the Twitter account said the damage was zero dollars to 10 million likely around 1.6 million usd with a chance of recovery but once a stable coin goes to a penny I think it’s successfully been annihilated.

Related: What is polka dot?

So another danger for stablecoins is these hacks and d5 smart contracts. I have to say d5 programmers are pretty garbage for the most part they cannot program decent smart contracts that won’t get destroyed by hackers but Acala has been at least the stablecoin has been destroyed.

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