DeFi Network Acala lost 1.2 billion aUSD in exploit

A decentralized finance network Acala suffered an exploit. Stablecoin aUSD has dropped by 30%. The hacker stole 1.2 billion aUSD. The attack was made possible by a misconfiguration of the newly deployed iBTC/aUSD liquidity pool. Acala stopped the protocol immediately after the hack and limited its functionality. The exact number of stolen tokens is still not known.

aUSD peg is returning to normal after the community burnt the amount minted by the hacker.

Misconfiguration in the Acala stablecoin project allows attacker to steal 1.2 billion aUSD

August 14, 2022https://t.co/ffnB6NDg5a pic.twitter.com/S4k9gOupek
— web3 is going just great (@web3isgreat) August 14, 2022

We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD
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— Acala (@AcalaNetwork) August 14, 2022