aUSD Stablecoin Crashes After Acala Exploit

Another day, another crypto hack. This time, a bug in the aUSD stablecoin’s liquidity pool was exploited, as hackers minted 1.28 billion aUSD coins.

aUSD is a stablecoin introduced by the DeFi platform Acala, which operates on Polkadot. Following the exploit, Acala quickly fixed the bug and identified the wallets which received the aUSD minted in the attack.

However, the value of aUSD significantly dropped, causing it to lose its dollar peg. According to CoinMarketCap, it is currently trading at $0.009, which is an almost 99% drop when compared to the price of aUSD before the exploit. And Acala’s native token, ACA, is trading at $0.26, which means it’s around 6% down.

aUSD is now among other stablecoins that have crashed recently, including UST and DEI.