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AUSD 2.97 billion mis-minted: Acala community votes for stablecoin burn

 


According to a new post from Acala Network co-founder Bette Chen, the community has voted to burn Acala USD (aUSD) worth $2.97 billion.


Acala is a decentralized finance platform built on top of the Polkadot ( DOT ) ecosystem. The week before, aUSD price lost its peg to the US Dollar and tumbled below US$0.01 after it was discovered that 3.022 billion aUSD was lost due to a misconfiguration of the iBTC/aUSD liquidity pool, which traded on March 14. August, were mistakenly minted.


The misconfiguration has since been fixed and the wallet addresses that received the incorrectly minted aUSD have been identified through on-chain tracking. Over 99 percent of all newly minted aUSD remain on the Acala parachain. However, an estimated $9.69 million was switched from aUSD to DOT and sent to core exchanges.


Also, 35 accounts were found to have acquired more than 12.38 million mis-minted aUSD.


aUSD is collateralized with multiple digital assets in the Polkadot and Kusama ecosystem. The deposit rate is 195 percent per aUSD minted. However, the stablecoin’s current price of $0.84 shows that the mis-minted coins are still upsetting the balance of the system. The developers have suspended bounties and publicly called for the affected assets to be brought back onto the Acala network. Chen also warned:


"Many services on Acala have been disrupted. As a result, the team is now trying to find a balance between accuracy and speed. We still have some work to do before services on Acala can be fully restarted. As more and more incorrectly minted aUSD Coins are found, our community gets a clearer picture for formulating recovery proposals."

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