More news were brought to us by RoboticsOnline (reviewed here) from the worldwide crypto sphere. This time it had a point to give us the information about Acala network hack which and issues related to it.
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Here’s the news:
Acala network freezes network and tokens after a $1.2 billion hack
The Acala network was hacked on August 14 after a hacker exploited a bug on the iBTC/aUSD liquidity pool. The hacker managed to mint aUSD out of thin air, triggering a depeg for the stablecoin. Following these events, the Acala network has announced it will be freezing the hacker’s wallet, creating concerns over the project’s decentralization.Acala network freezes network and token minting
The actions the Acala network took in response to this hack have raised questions over the project’s decentralization. The August 14 hack led to 1.2 billion in aUSD stablecoin minted by the hacker without collateral.
The hack resulted in a depeg for the aUSD stablecoin, with the value dropping to a cent. The Acala team later froze the hacker’s wallet, raising concerns about the network being decentralized. The Acala network has also frozen the tokens minted erroneously after the network was placed under maintenance.
The response by Acala also involved halting several features on the network, including swaps, xcm, a cross-chain communications protocol on Polkadot, and the oracle pallet price feeds. These features have been suspended until further notice.
The network’s plans to put the network on maintenance mode and freeze the funds in the hacker’s wallet are meant to protect the users and the network from harm. However, the crypto community, which is focused on decentralization, has criticized Acala over its decision.
Acala criticized for its decision
Acala is a decentralized finance (DeFi) protocol that supports the aUSD stablecoin that runs on the Polkadot blockchain. aUSD is backed by crypto assets, and the Acala team claims that the network is resistant to censorship.
Crypto community members have criticized Acala’s actions, given that the protocol claims to be censorship-resistance. One Twitter user said that if Acala could have centralized control over the protocol, it was not indeed DeFi.
Another member of the Acala Discord channel proposed that the protocol rolls back the blockchain and reverse the token minting. However, the community also opposed this proposal, as it would set a bad precedent.
The Acala network is still under maintenance, and the token transfers are still blocked. However, the team has confirmed it has patched the bug, and the wallets that received the erroneously minted aUSD have been identified. These tokens could be retrieved if the community votes in favor.
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