Hackers attacked the Acala cryptocurrency platform

Representatives of the Acala DeFi platform reported on their Twitter page about serious security issues: hackers managed to independently issue $ 1.2 billion worth of AUSD stablecoins.

As it became known, the attackers carried out the hacker attack due to an error in the iBTC/AUSD pool. The vulnerability allowed hackers to independently issue 785,938 AUSD. As a result of the cyberattack, stablecoin lost its peg to the dollar, dropping to its all-time low of $ 0.5713.

At the time of writing, Acala representatives managed to recover 44% of the AUSD value, but there are speculations that the DeFi platform’s problems will lead to a Terra-like disaster. The value of the cryptocurrency ACA (Acala Token) fell by more than 12% as a result of the hack.