Acala submits governance proposal to burn $1.28B aUSD following investigation of exploit
Polkadot ecosystem’s stablecoin Acala ($aUSD) suffered an exploit over the weekend that led to a malicious actor minting $1.2 billion out of thin air. The Acala team “paused” operations via an emergency governance proposal to investigate the issue. On August 15, a governance proposal was submitted to “effectively burn” $1.288 billion aUSD following the release of an on-chain report from the Acala Council.
Acala initially notified users of the issue around 3 AM BST on August 14, stating that they were working to “mitigate the issue.” The source of the exploit was publicly reported by 1 PM BST on August 14, just 10 hours later. The announcement confirmed that over 99% of the “erroneously minted aUSD [remained] on Acala parachain.”. Within the Twitter thread that identified the exploit’s cause, Acala stated that it had identified.
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