Cryptocurrency Q&A
What happened to Acala dollar?
What happened to Acala dollar?
Daniele
Mon Aug 12 2024
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5 answers
1333
So, can you tell me what exactly happened to the Acala dollar? I've been hearing a lot of chatter about its recent decline in value and I'm curious to know the underlying reasons behind it. Was it due to market volatility, or were there any specific events that triggered this downturn? I'm also interested in knowing if the Acala team has issued any statements or updates addressing this issue, and what their plans are to stabilize the currency in the future. As a cryptocurrency investor, I'm always looking to stay informed and make informed decisions, so I appreciate your insights on this matter.
5 answers
Caterina
Wed Aug 14 2024
The Acala hack was a significant event in the world of cryptocurrency, particularly for those invested in the Acala network's stablecoin, aUSD. On a Sunday, the network experienced a major disruption when its stablecoin suddenly lost its peg to the US dollar.
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Silvia
Tue Aug 13 2024
The depegging of aUSD was caused by a vulnerability in a newly-deployed liquidity pool on the Acala network. Hackers exploited this weakness, allowing them to mint an astonishing 1.28 billion tokens in a matter of moments.
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LightningStrike
Tue Aug 13 2024
The sudden influx of these newly minted tokens into the market caused a severe imbalance, resulting in a dramatic drop in the value of aUSD. In a matter of seconds, the value of the stablecoin plummeted by 99%, leaving investors shocked and reeling from the sudden loss.
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TaegeukChampionship
Tue Aug 13 2024
The Acala network is a prominent player in the decentralized finance (DeFi) space, and the hack has raised concerns about the security of such platforms. DeFi protocols rely on smart contracts and blockchain technology to facilitate financial transactions without intermediaries, but they are not immune to vulnerabilities.
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alexander_rose_writer
Tue Aug 13 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services to cater to the needs of crypto enthusiasts and investors. Among its offerings are spot trading, futures trading, and a secure wallet service. These services enable users to buy, sell, and store cryptocurrencies in a convenient and secure manner.
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