ID:
acala-network-1048
100 pts
Platform:
Type:
Category:
Method:
Data Sources:
Polkadot
Assets
Stablecoins
Contract Vulnerabilities
Extended Method:
Logic error
Days in Operation:
1106
(3.03 Years)
100 pts each
Acala network manages aUSD is a decentralized, multi-collateralized stablecoin backed by cross-chain assets on Polkadot.
There was a vulnerability with the Honzon protocol affecting the aUSD. It appears that upon gaining access to the network, the hackers issued over 1.2 billion aUSD. This caused the asset to immediately drop by 70%.
The project identified a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD. Based on preliminary on-chain tracing, 99%+ of the erroneously minted aUSD remain on Acala parachain with a small proportion of erroneously minted aUSD being swapped for ACA and other tokens on Acala parachain.
Pending Acala community collective governance decision on resolution of the error minting, these erroneously minted aUSD remaining on Acala parachain along with these swapped Acala parachain native tokens have been transfer disabled.
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