On this edition of “Another Day, Another Hack”, another stablecoin has been hit, but maybe not to UST proportions. Acala, a DeFi protocol on Polkadot, was exploited in their aUSD/iBTC pool, where malicious actors minted 1.2 billion aUSD tokens without depositing collateral. This caused a 99% depeg situation thereafter. However, the Acala team was able to determine it was a configuration issue that allowed the minting to occur, and was able to freeze the hacker’s wallet, which caused quite the commotion within the community about how decentralized Acala truly is.

Hacks hacks hacks! Kind of tired about hearing this nowadays. Having worked in tech for a decade and a half, releasing services before they are fully tested is a big no-no. However, in this new frontier, it seems that the train of thought is release first and ask questions later, which is causing endless amounts of money to be stolen from innocent every day investors. This absolutely needs to change immediately if we are to gain mass adoption sooner than later.

Written by: nikethereum.eth / Medium / Mirror