Acala has recovered almost 3B aUSD
Important takeaways
- Acala has recovered USD 1.68 billion in its second track after an attack that minted billions of tokens.
- Combined with a previous track that cashed in $1.29 billion, Acala has now recovered nearly 3 billion tokens.
- The project plans to publish additional tracking reports to help the community make recovery plans.
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Acala has recovered almost US$3 billion after the second trace of addresses affected by a recent attack.
Acala recovers USD 3 billion
Acala has recovered another group of affected funds.
The protocol was originally exploited on 14 August. At that time, an attacker mistakenly minted billions of dollars of its aUSD stablecoin and exchanged part of this amount for other cryptoassets. However, the project quickly froze the network and prevented assets from being moved any further.
On August 15, Acala’s first trace recovered 1.29 billion of the affected USD. Now, Acala has recovered another US$1.68 billion through a new trace completed on August 17, bringing the total amount of funds recovered to nearly US$3 billion.
Specifically, Acala says that $1.68 billion remains in the 16 tracked addresses along with other tokens. These other assets include inverse synthetic Bitcoin (iBTC), Acala (ACA), Polkadot (DOT) and liquid staking DOT (LDOT).
Details of the trace suggest that the 16 addresses belonged to users contributing to Acala’s iBTC/aUSD liquidity pools. These addresses received the incorrect USD after claiming liquidity provider rewards from a reward pool.
Acala says it will continue to publish additional tracking reports, which will help the community make proposals to resolve the situation. A post mortem and other reports will also be published.
Other recovery efforts are also underway. On August 16, a coin burn was proposed and executed to help the USD restore its dollar parity. The incineration destroyed the 1.29 billion recovered in the first track.
The burn was partially successful, as CoinMarketCap indicates the USD is valued at $0.85, up from $0.01 after the attack.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH and other cryptocurrencies.
