KuCoin Has Suspended Deposit And Withdrawal Services For ACA Tokens
The series of stories on the topic of stablecoins losing their peg continues with Acala Network’s aUSD slipping away from the $1 mark, the main reason being a hole in the liquidity pool with iBTC. The exchanges KuCoin, and Binance have also commented on this incident.
As CoinCu reported in a previous post, hackers took advantage of a vulnerability in Acala’s iBTC/aUSD pool to withdraw $1.2 billion aUSD.
Stablecoin aUSD slipped to $0.05 when the hack took place and is now back at $0.7551 at press time.
After the incident, the KuCoin exchange announced to suspend of deposit and withdrawal services for ACA tokens. The hack has also affected this token, with its price down more than 8% in the last 24 hours and trading at $0.288.
CEO Changpeng Zhao stated that Binance is looking into the matter even though aUSD is not listed on the exchange.
It can be said that the DeFi market has constantly been experiencing unexpected problems recently. Even stablecoins are not literally ‘stable’ anymore.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Harold
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KuCoin Has Suspended Deposit And Withdrawal Services For ACA Tokens
The series of stories on the topic of stablecoins losing their peg continues with Acala Network’s aUSD slipping away from the $1 mark, the main reason being a hole in the liquidity pool with iBTC. The exchanges KuCoin, and Binance have also commented on this incident.
As CoinCu reported in a previous post, hackers took advantage of a vulnerability in Acala’s iBTC/aUSD pool to withdraw $1.2 billion aUSD.
Stablecoin aUSD slipped to $0.05 when the hack took place and is now back at $0.7551 at press time.
After the incident, the KuCoin exchange announced to suspend of deposit and withdrawal services for ACA tokens. The hack has also affected this token, with its price down more than 8% in the last 24 hours and trading at $0.288.
CEO Changpeng Zhao stated that Binance is looking into the matter even though aUSD is not listed on the exchange.
It can be said that the DeFi market has constantly been experiencing unexpected problems recently. Even stablecoins are not literally ‘stable’ anymore.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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