According to a Tuesday post on KuCoin’s blog, the Seychelles-based crypto-exchange KuCoin highlighted flaws within decentralized finance (DeFi). The exchange identified several errors in its data regarding erroneously issued stablecoins.
Blog pointed out several inaccuracies in Acala’s account of exploit, including errors in KuCoin’s reported number of aUSD coins sent to KuCoin.
KuCoin is a neutral platform and has no plans to interfere in the governance of Acala. However, it was found that many of the key information regarding the CEX in both the report, and the proposal are incorrect,” said the blog.
KuCoin’s account cited data from a list aUSD deposits. Hackers sent 8.03M USD to KuCoin instead of 4.937M aUSD and 5.3 million AUSD rather than one million AUSD.
Kucoin hands out advice for Acala
KuCoin recommended that Acala reconsider its proposal due to its dependence on inaccurate data. The community’s actions after reviewing the data, which included freezing and burning aUSD coins, could have “very serious damage to the Acala community” and increase the price of the token.
“Given that there is a significant difference in the amount aUSD error coins that are necessary to re-collateralize the funds, it is suggested the Acala community and the Acala foundation reconsider the current proposal,” the post said.
In mid-August, hackers created $3 BILLION worth of aUSD stabilizecoins. Their actions came just before Acala launched its iBTC/aUSD liquidity pool, a crowdsourced collection of smart-contract-locked wrapped bitcoin and Acala’s native, “censorship-resistant” stablecoin designed to reward liquidity providers with acala (ACA), the network’s native token, and interlay (INTR).
Suspicious activity detected by Acala’s community
Acala’s community compiled a track report to identify 16 wallet addresses and trace suspicious transactions. Since then, the network has recovered and burned 2.97 Billion, or 98% of the 3.02 Billion wrongly minted tokens. While the community continues to recover and track the remaining hacker-created tokens, services are still suspended across the network.
