AUSD stablecoin drops 99% as a result of hacker attack

The value of the AUSD stablecoin has dropped by 99% due to a hacker attack. As it became known, the fraudsters managed to mint $ 1.28 billion worth of AUSD stablecoins on their own.

According to CoinGecko, the AUSD stablecoin, which belongs to the Acala DeFi platform, lost its peg to the dollar and fell to $ 0.009. The attackers carried out the hacker attack due to an error in the iBTC/AUSD liquidity pool. The vulnerability allowed hackers to independently issue 785,938 AUSD.

The stablecoin AUSD joined the list of «stable» cryptocurrencies that have lost their promised stability. Members of the cryptocurrency community assume that the problems of the DeFi platform will lead to a Terra-like disaster. However, unlike UST, AUSD is not an algorithmic stablecoin and is backed by several assets: DOT, KSM, ACA, KAR, BTC, and ETH.