Le protocole Acala a été exploité – Les attaquants créent artificiellement 1,2 milliard de dollars

Le protocole Acala a été exploité – Les attaquants créent artificiellement 1,2 milliard de dollars

Polkadot (DOT) decentralized finance (DeFi) hub Acala suffered a massive hack yesterday. The attackers were able to artificially create 1.2 billion US dollars, the stable currency of the project. We return to what happened and the first consequences.


Acala Hack: What Happened?

The Acala Protocol alerted its users to a “configuration problemvery early in the day on Sunday, when several other players in the ecosystem began to alert about the issue. At noon, the protocol confirmed that the problem existed in the very recent iBTC/aUSD liquidity poolwhat led toerroneous minting of a significant amount in USD“.

Criminals could have taken advantage of the loophole to artificially create more than 1,200 million dollars, the stablecoin of the protocol. Please note that contrary to what we have read here and there, this is not theft, but tokenization. If we take into account this artificially created sum, it is however of the biggest hack in DeFi history.

The person allegedly linked an Ethereum account to the Acala protocol, and the address was fed through the Binance exchange. Acala has confirmed that the addresses linked to this hack have been frozen. More than 99% of the amount is stuck in the parachute of Acala, and cannot be transferred. The protocol was simultaneously stopped:

According to Acala, the configuration issue that led to this attack has now been resolved. But the damage has already been done and the consequences for the project have been felt.

👉 To go further – What is DeFi? All about decentralized finance

AUSD Stablecoin Falls Following Acala Protocol Hack

As several commentators have pointed out, while not theft, the amount artificially created is colossal, even for the DeFi sector. The most visible consequence was the catastrophic crash of the aUSD stablecoin, which reached $0.05 yesterday. Since then it has risen, but has yet to regain parity with the dollar:

The price of aUSD loses parity with the dollar after the hack of Acala

For its part, the price of the ACA also suffered a substantial drop, losing -17% in just over a day. Of course, we will have to wait and see how far this fall will go as new information becomes available.

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The governance of the project in question

Beyond these financial considerations, several members of the crypto community they were concerned about the decentralization of the projectwhich has entered maintenance mode to stop the created fund transfers:

There would have to be a government vote for this to be “decentralized” finance (DeFi). If Acala controls this decision centrally, Is it really DeFi?»

Acala confirmed that the protocol is awaiting the decision of the community before releasing these funds:

Waiting for the collective decision of the community government, […] those aUSD that were mistakenly minted remain on the Acala parachain, along with the native tokens […] that have been exchanged are locked and cannot be transferred.»

published by editions Larousse

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An uncertain future for Acala?

Meanwhile, the community debates. On Acala Discord, some want the changes to revert to the parachain. Others consider that would set a bad precedent for the projectt. This is a common debate in the crypto community, with the most famous example being the hack that led to the creation of Ethereum (ETH).

Whatever the Acala community decides, we can already see that trust in the protocol is damaged since yesterday. This is not the only DeFi-related hack that has taken place lately. Less than a week ago, Curve Finance was also hacked and saw $570,000 go up in smoke.

It should be remembered that Acala was one of Polkadot’s most followed projects: in March 2022 it had managed to raise 250 million dollars to promote the adoption of its stablecoin aUSD. It is therefore one of the future giants of Polkadot that has just stumbled.

👉 To read on the same topic – Binance manages to recover $450,000 from Curve Finance hack

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Source: Acala Network via Twitter – Chart: TradingView, aUSD/USDT

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