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Acala community votes to remove 2.97 billion of the fraudulently minted aUSD stablecoin


August 22, 2022 · By Muhammad Awwal
Acala (ACA), Polkadot (DOT)

The community has decided to take action by withdrawing the newly issued tokens that have severely diluted existing holders after 3.022 billion aUSD were previously minted due to a liquidity bridge bug.

Acala Network co-founder Bette Chen wrote in a blog post that the community has decided to burn 2.97 billion worth of the stablecoin aUSD, or Acala USD. 

The Polkadot (DOT) ecosystem served as the foundation for the decentralized money platform Acala. Prior to that, it was discovered that 3.022 billion aUSD had been mistakenly created due to a misconfiguration of the iBTC/aUSD liquidity pool, which went live on August 14. As a result, the price of aUSD dropped to less than one cent from its dollar peg.

The configuration error has since been fixed, and on-chain tracing has been used to identify the wallet addresses that were given the incorrectly created aUSD. More than 99% of all recently issued aUSDs are still present in the Acala chain. But money worth an estimated $9.69 million was swapped from aUSD to DOT and delivered to centralized exchanges. 

Additionally, 35 accounts were found to have obtained more than 12.38 million USD that had been inaccurately minted.

The glitched assets have been requested to be restored to the Acala network by developers in the form of bounties and public appeals. Chen also states:

“Many of the services on Acala have been disrupted. Therefore the team is trying to strike a balance between accuracy and speed. We still have a bit to go before services on Acala can be fully resumed, and as more traces on aUSD error mints are being completed, our community will have a clearer picture of formulating aUSD recovery proposals.”

The Polkadot and Kusama ecosystem has a deposit rate of 195% for every aUSD issued, and aUSD is over-collateralized by a variety of digital assets. However, the stablecoin’s current price of $0.84 shows that the improperly minted coins are still upsetting the balance of the system and significantly reducing the worth of previous token holders. Thanks

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