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The Acala network could not overcome the consequences of the incident, and the short-term rise in the cost of the aUSD stablecoin was again replaced by a fall.
On August 14, just after the discovery of the exploit, the Acala team took action, suspending Acala and launching a community vote to burn about $1.29 billion of the excess supply. The community quickly accepted the offer, gaining 95% of the vote, which allowed the stablecoin to grow by more than 10,000% in 24 hours, almost approaching the peg at a level above $ 0.9. Also on Sunday, the community held another referendum to burn an additional $1.68 billion.
However, the work of many services on Acala was disrupted. Soon the analytical platform PeckShieldAlert reported that the stablecoin Acala USD (aUSD) again lost its peg and fell to $ 0.80
“We have the most time-consuming and important part of working with liquidity pools that were seriously affected by the incident: to eliminate the imbalance before the network resumes normal operation. We still have a little time before services on Acala can be fully resumed. We appreciate your patience and support,” the development team said in a statement.
Some users have publicly expressed concern that the developers of a decentralized network can suspend its work and gain access to user funds by simple voting.
Last week, there were problems with the liquidity of the stablecoin HUSD, which briefly lost its peg to the US dollar. On August 19, the stablecoin won back its fall, reaching the price of the coin at $ 0.9969. According to CoinMarketCap, HUSD’s total market capitalization has exceeded $160 million.
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