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Acala Network, a multifunctional decentralized service, has resumed operations after burning $2.7 billion worth of Acala Dollar (Acala) stablecoins.
In August, Acala employees identified a vulnerability in liquidity pool software that caused over 3 billion Acala to be released by mistake. Because of this, the cryptocurrency exchange rate collapsed by more than 99% and fell below $ 0.01.
Following the incident, the DeFi protocol team was forced to suspend all services and freeze clients’ assets.
Falling price of Acala Dollar
By September 26, the startup had recovered and destroyed nearly all of the miscreated coins and successfully recapitalized the balance of the liquidity pools. The DeFi project managed to do this thanks to donations from the Acala Foundation, but the Acala Dollar has not yet reached the “legitimate” $ 1 mark.
On Monday, Acala users supported the restart of staking, and the service was restored. Today, a referendum is being held on the resumption of the functioning of other platforms, for example, a decentralized exchange and a payment system. If the majority of members of the crypto community vote “yes”, then these sites will also begin to function.
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