Following the emergence of "configuration difficulties" on the network, Polkadot's decentralized finance network, which hosts the AUSD ecosystem, announced via their official Twitter account that activities had been suspended.
The hackers apparently issued more than 1.2 billion AUSD after breaking into the network. The asset dropped by 70% right away as a result of this. At the time of writing, the AUSD is still losing ground since market sentiment is still very pessimistic.
The decline occurs just after the AUSD reached its highest level since June 30th, when it reached $1.03. Since then, the asset has decreased to $0.88. The asset and its platform are uncertain of what will happen next until the compromise is resolved.
AUSD, the native stablecoin of the polkadot ecosystem, is a multi-collateral, decentralized stablecoin backed by crypto. AUSD is issued through the Collateralized Debt Positions (CDPs) system and went into circulation in February 2022. The AUSD value is used to peg the stablecoin. Thus, 1 aUSD is equivalent to 1 USD.
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