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Acala has recovered nearly 3B aUSD

Acala has taken another step towards recovering funds affected by the recent hack.

Key Points

      Acala recovered AU$1.68 billion in a second trace following an attack that minted billions of tokens.

    • Combined with the previous track record of recovering 1.29 billion aUSD, Acala has now recovered nearly 3 billion tokens.
    • The project plans to release further tracking reports to help communities develop recovery plans.

    Acala in the second Nearly $3 billion of addresses affected by the recent attack have been recovered after tracking.

    Acala recovers $3 billion

    Acala has recovered another batch Affected funds.

    This protocol was originally exploited on August 14th. At the time, attackers mistakenly minted billions of dollars in aUSD stablecoins and exchanged some of them for other cryptoassets. However, the project quickly froze its network and prevented further transfers of assets.

    On Aug. 15, Acala’s first tracking recovered $1.29 billion of affected aUSD. Now, Acala has recovered an additional $1.68 billion through a second track completed on August 17, bringing the total recovered funds to nearly $3 billion.

    Specifically, Acala says 1.68 billion aUSD is held on 16 tracking addresses along with other tokens . These other assets include Inverse Synthetic Bitcoin (iBTC), Acala (ACA), Polkadot (DOT), and Liquid Collateral DOT (LDOT).

    The details tracked indicate that these 16 addresses belong to the iBTC/aUSD liquidity pool for Acala contributing users. These addresses received incorrectly minted aUSD after receiving liquidity provider rewards from the reward pool.

    Acala says it will continue to issue further tracking reports which will help The community makes suggestions to solve the problem. A post-mortem and other reports will also be released.

    Other restoration work is also underway. On August 16th, a coin burn was proposed and executed to help aUSD regain its dollar parity. The burn destroyed the 1.29 billion recovered in the first trace.

    Partial success in burning, as shown on CoinMarketCap the value of aUSD is $0.85, high $0.01 after the attack.

Disclosure: At the time of writing At the time, the author of this article owns BTC, ETH, and other cryptocurrencies.

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