DeFi Platform Acala’s Stablecoin Plunges After Hackers Exploit Bug

Name: DeFi Platform Acala’s Stablecoin Plunges After Hackers Exploit Bug
Uploaded: 2022-08-15T18:51:47Z
Duration: 5 min 352 s
Description: Polkadot-based decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD, depegged on Sunday, plummeting 99% after hackers exploited a bug in a newly deployed liquidity pool to mint 1.28 billion tokens. “The Hash” team discusses the implications for the state of stablecoins, open finance, and regulation.

Aug 15, 2022

Polkadot-based decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD, depegged on Sunday, plummeting 99% after hackers exploited a bug in a newly deployed liquidity pool to mint 1.28 billion tokens.

Up Next

04:48

Celsius’ Crypto Customers Face New Challenge in Retrieving Deposits

Oct 6, 2022

Crypto Will See 'a Lot More Proactive Enforcement' Thanks to the Four Horsemen of the Cryptocalypse: Columnist

01:28

Video regression for 3.54.0 release [no, no]

Jun 16, 2023

Bitcoin Slips to $42K From Last Week's Yearly High; Ledger CEO on Future of Hardware Wallets

40:07

The last regression video of the year 3.67.0

Dec 12, 2023

10:12

Bitcoin Mining Is About to Get Tougher With Difficulty Primed for Another Sharp Rise.

Oct 7, 2022

View all

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to coindesk.consensus.com to register and buy your pass now.