Defi protocol Curve Finance was hacked for about 570 million dollars after hackers were able to change the protocol’s domain name system, forwarding users to a fake clone with a malicious contract. The contract would then drain the customers wallets.
Binance later stated that it froze or recovered 450 thousand dollars worth of the hacked funds, and is currently speaking to law enforcement in an attempt to return the funds to affected customers.
Yet another stable coin is the victim of a hack, and has crashed over the weekend. Acala stable coin had just launched into a liquidity pool, and hackers took advantage of over 1.2
billion tokens by exploiting a bug in the platform.
The stable coin, which had a good track record of a soft peg to the US dollar sitting at $1.03 per token plunged down to a little under a tenth of a cent.
Acala was able to “burn” the erroneously minted aUSD tokens, and returned to a price near
the peg at 91 cents as of Tuesday morning.
I know that several investors are skeptical about stable coins, and as you can see they can become unpegged from the fiat they are looking to match, but this could have been a massive buying opportunity for the right investor. At the low of .009 cents, if you had put in just $500, you could have made a little over 50k once the price bounced back up. Obviously not investment advice, but sometimes fortune favors the bold....