Acala has efficiently burnt 1.288 billion aUSD reportedly misplaced to hackers throughout the Sunday exploit.

Following the mint error on the horizon protocol, the group unanimously accepted a referendum to burn all erroneously minted tokens. As a consequence, 1.2 billion aUSD has been taken out of circulation to assist mitigate the chance of the exploit and restore aUSD to peg. The burn was executed on August 16.

 

aUSD returning to peg

The web impact of the burn is enjoying out on aUSD, as value information from Coingecko exhibits it’s returning to peg. As of press time, aUSD is buying and selling at $0.91, indicating a 99% restoration from its lowest of $0.009 on Sunday.

Acala’s subsequent plan

Initially, 1.3 billion aUSD was erroneously minted, out of which 99% have been burnt. The 4,299,119 aUSD — representing the remaining 1% — had been reportedly swapped for different tokens and added to liquidity swimming pools, together with the just lately launched iBTC-aUSD pool.

On-chain evaluation by a group member revealed that 1.6 million USD price of aUSD might nonetheless be recovered.

Acala has revealed it would hint the pockets addresses linked to the remaining funds and burn the tokens upon restoration.

Posted In: Hacks, Stablecoins





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