Attack on aUSD tokens

[zasad@]

https://www.coingecko.com/en/coins/acala-dollar#markets

Tokens on a hacker's wallet 
1 267 238 048.1902 AUSD
https://acala.subscan.io/account/26JmEcghNmggvT46sojckg34Py9zFRKkCcFy3gr49hrFgT2k

https://twitter.com/acalanetwork/status/1558642849649856512
"We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation."

Last news
https://twitter.com/acalanetwork/status/1558785360670298112?

[tvplus006]

It can be stated that the Acala Network team has stabilized the situation, almost completely restoring the cost of the aUSD stablecoin. Unlike the Luna team, the actions of the Acala Network team looked more professional, which allowed to increase the cost of aUSD from $0.05 to 0.97

[X-ray]

It can be stated that the Acala Network team has stabilized the situation, almost completely restoring the cost of the aUSD stablecoin. Unlike the Luna team, the actions of the Acala Network team looked more professional, which allowed to increase the cost of aUSD from $0.05 to 0.97

It must be 50 cents not 5 cents but it's good to see that and easy money for me. I have bought some thousands USD below 65 cents and took nice profit from there. Acala team was aware with it. It seems like that mechanism that used by acala was also giving a huge impact unlike terra luna mechanism which was a failed mechanism since it was getting started. So, did new tokens minted by hackers were getting blocked?

[lumbanrang]

It's great to see the Acala team handled this situation so well and professionally. It seems they have learned from the LUNA case where the LUNA team is unprofessional and doesn't seem to care about their tokens, which resulted in many people throwing them away.

[Minecache]

It's great to see the Acala team handled this situation so well and professionally. It seems they have learned from the LUNA case where the LUNA team is unprofessional and doesn't seem to care about their tokens, which resulted in many people throwing them away.

It was a very professional experience, they fixed the problem within a day and fixed it very quickly, an admirable effort by the Acala Network team.

Contrary to Luna's team, Team Dokwon let UST free fall and then sought to create another version in order to evade any responsibility for the events surrounding Luna and UST. Hopefully, Dokwon will see what the Acala team did and that he should be ashamed of himself for deliberately not saving Luna and trying to shirk responsibility.

[inanilujimi]

They move very quickly, unlike Luna who keeps letting disasters happen, so there we can judge which devs are professional and which are not.
Honestly, with the number of stable coins being the target of hackers, it makes me hesitant to keep them for a long time.

[malcovi2]

They move very quickly, unlike Luna who keeps letting disasters happen, so there we can judge which devs are professional and which are not.
Honestly, with the number of stable coins being the target of hackers, it makes me hesitant to keep them for a long time.

Luna? Do Kwon moved very quickly cashing out billions of dollar and nothing can prevent Luna from crashing because its a ponzi scheme. I dont know why you are comparing this from Luna because the situations are way different.

[lumbanrang]

It's great to see the Acala team handled this situation so well and professionally. It seems they have learned from the LUNA case where the LUNA team is unprofessional and doesn't seem to care about their tokens, which resulted in many people throwing them away.

It was a very professional experience, they fixed the problem within a day and fixed it very quickly, an admirable effort by the Acala Network team.

Contrary to Luna's team, Team Dokwon let UST free fall and then sought to create another version in order to evade any responsibility for the events surrounding Luna and UST. Hopefully, Dokwon will see what the Acala team did and that he should be ashamed of himself for deliberately not saving Luna and trying to shirk responsibility.

I think that Do kwon doesn't care about that, because he already made a huge profit from the fall of LUNA and UST.

[tvplus006]

It can be stated that the Acala Network team has stabilized the situation, almost completely restoring the cost of the aUSD stablecoin. Unlike the Luna team, the actions of the Acala Network team looked more professional, which allowed to increase the cost of aUSD from $0.05 to 0.97

It must be 50 cents not 5 cents but it's good to see that and easy money for me. I have bought some thousands USD below 65 cents and took nice profit from there. Acala team was aware with it. It seems like that mechanism that used by acala was also giving a huge impact unlike terra luna mechanism which was a failed mechanism since it was getting started. So, did new tokens minted by hackers were getting blocked?

No, I correctly indicated the price to which aUSD was falling on the KuCoin exchange. KuCoin is the only centralized exchange on which this stablecoin is represented. And to be absolutely precise, the price of aUSD decreased on this exchange to $0.051.

[terciduk123]

I just heard this hack from this thread. I also appreciate the quick action of the ACALA team to correct the AUSD price in the market. In a day the price of AUSD drops to $0.05 but in a day it can return to the price of $0.94
Very lucky people who have bought AUSD at the lowest price.

[Iranus]

I just heard this hack from this thread. I also appreciate the quick action of the ACALA team to correct the AUSD price in the market. In a day the price of AUSD drops to $0.05 but in a day it can return to the price of $0.94
Very lucky people who have bought AUSD at the lowest price.

The higher the risk, the higher the return, I also see many people showing off their profits from buying aUSD, but with what happened to UST, they dare not invest too much money in aUSD. I see people just invest 50$, 100$ in aUSD and see it as a lucky lottery ticket. ACALA's team did not disappoint, the problem was resolved quickly and did not cause too much damage like Luna.

[Ketesnuko]

Damn, I don't even bother to check the stablecoin out, I should have bought some with 40 to 60$, this is another opportunity missed, it's nice how the ACALA team came up to the rescue fast unlike Luna.

[Jawhead999]

Damn, I don't even bother to check the stablecoin out, I should have bought some with 40 to 60$, this is another opportunity missed, it's nice how the ACALA team came up to the rescue fast unlike Luna.

I don't think Luna team doesn't handled his case, he could abandon their project and take all of the investors money instead of maintain their project even though the price are completely low now. Imagine if you know AUSD price are still low as $0.009, I don't think you will buy the token since you will remember USDT price is still not recovered. That's what how many people did, they're only regret all the past opportunity.

[CuriousGeorge]

Damn, I don't even bother to check the stablecoin out, I should have bought some with 40 to 60$, this is another opportunity missed, it's nice how the ACALA team came up to the rescue fast unlike Luna.

No doubt scalpers were being very profitable in this case. It seems like ausd minted by scammers will be burned https://twitter.com/AcalaNetwork/status/1559360833087488001

The vote already surpassed the minimum requirement to make ausd being minted will be burned. That's why sometime scalping this was very profitable enough. It shows that all of exchange sites are still pausing withdrawal until it will be fully fixed

[tvplus006]

This time the acala team was amazing. they swiftly deal with hacking attacks on the acala network. I think the stable ausd coin deserves to be trusted, they can handle it at least it reduces the risk of the worst that will happen. with this incident some of the community will believe in DeFi acala.

The fact that the Acala team eliminated the problem in a timely manner shows the competence of its staff. But the fact that she allowed such a hacker attack shows her incompetence. And it definitely does not increase its rating in front of users and may cause reputational losses.

[crwth]

It's effortless money for those who could catch this kind of dump. I hope they manage to fix this quickly, and hopefully, no one gets burned, but the scammers only. It's not going to work anymore if they don't, though. But at least, upon checking now on Coingecko, it has already reached $0.941389 ^{(upon this posting)}

What parameters are there for why there would be attacks like this? Like how do they spot these exploits?

[Minecache]

~~

I think that Do kwon doesn't care about that, because he already made a huge profit from the fall of LUNA and UST.

In an interview on August 15, Dokwon denied the allegations that led to Luna's downfall, but investors reacted and didn't believe his excuses. It is true,  I myself was never believing what he said, I am sure that the death of Terra and Luna was a result of his actions.
He is enjoying life with investors' money and so far, there have not been any legal agencies working with him. What a pleasant surprise it was.
https://uk.news.yahoo.com/terra-luna-crash-alone-am-162918637.html

[zasad@]

https://acala.discourse.group/t/proposal-for-expedited-referenda/1228
Proposal for Expedited Referenda

https://twitter.com/AcalaNetwork/status/1559129241026977793?
"Incident trace report #1: This is the 1st published batch of trace results. The 1.288B erroneously minted aUSD have been identified and their transfers are disabled until a pending Acala community governance decision resolves the error."

https://acala.discourse.group/t/08-14-2022-incident-on-chain-trace-results/1134
08-14-2022-Incident On-chain Trace Results

[zasad@]

An interesting situation with 3,864,117 aUSD earned by the arbitrageur

https://twitter.com/slezisatoshi/status/1560664872295464960?
"5/1 We demand a fair decision from
@AcalaNetwork
 and its founder
@bettechentt, namely, to unlock the funds of arbitrageurs in the Acala!
The $aUSD stablecoin was in trouble due to the Honzon protocol hack. The project team worked quickly and blocked the attacker's funds."

[ItsNotSean]

Peg still below $1.00 at $0.77 two weeks later.

Pretty safe to say yet another algorithmic stablecoin is done.