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The crypto sphere is going through the freezing winters affecting many organizations working in the sphere. From crypto lenders to stablecoin providers, everyone is under attack. Cybercriminals are on a continuous hunt to take down companies stealing millions and billions of digital assets.
Acala Services – a decentralized finance network powering the aUSD stablecoin – suffered a hack recently. The hack completely vandalized the parity plummeting 99% of its value reducing it to fractions of a cent. Hackers deployed a bug into the liquidity pool stealing $1.28 Billions approximately.
Acala Services Down Since 12 Days
It’s been more than 12 days since the exploit happened at Acala but the majority of Acala services are offline. Acala is putting in strenuous efforts restoring the operations after suffering an exploit that collapsed the stablecoin, aUSD.
Acala services mentioned in a report various services are paused including the XCM transfer out. This completely halts the cross-chain transfer between Acala and polkadot parachains. The coin exploit recently has not just affected the cross-chain transfers, but various other services. This includes bridge services, token swapping, aUSD stablecoin minting, token transfers, instant unstaking or engaging earning features.
It’s a complete mess to witness that, of all the 22 services on Acala 18 services are on halt. Three services are still operating as usual. One such service is on-chain transactions involving ACA tokens. The other two active services are concerned with staking: liquid DOT staking and normal unbound period staking.
A Dark Sunday For Acala Services
The company faced a severe hacking attack on August 14th, 2022. The Acala community swiftly noticed the incident and responded to it. The company authorities freezed the Acala chain and the related services with an “urgent governance not”.
The finance network company is trying to trace the exploited 1.28 billion funds as aUSD tokens. Acala in a statement mentioned, “ 70% of the involved transactions still required [sic] a trace and this work is still underway.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
