Oopsie… another stablecoin depegs… by 99% to boot.

Oopsie… another stablecoin depegs… by 99% to boot.

Just when you thought Tether was special, the cryptoverse is intent to demonstrate that it really isn’t. Welcome to the revolutionary future, where 99% capitulations (last seen with Luna) in value are normal. How this is better than what we have (which is admittedly imperfect) is quite beyond me but then again, perhaps that’s because I’m dull and unimaginative.

According to CoinDesk:

“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.

After noticing the exploit, the Acala team disabled the transfer functionality of the “erroneously minted aUSD” remaining on the Acala parachain.

A wallet believed to belong to the attacker still contains approximately 1.27 billion aUSD.

On-chain sleuths have pointed out that the attacker who minted 1.28 billion aUSD was not the only person to take advantage of the bug – several other users allegedly stole thousands of dollars worth of DOT from the liquidity pool.”

So not only did Acala repeat the Luna nosedive, its also seeing a repeat of the cluster(f)hack just seen recently with the Nomad Bridge hack.