Acala USD (aUSD) – major depeg

Saw it was 14c to the dollar but couldn't find anything online to explain why.

It's gone as low as 5c to the dollar.

This is an asset based peg so theoretically it should hold value unless all the collateral also crashed, but as you know the general crypto market has been increasing in dollar value.

Don't rush to buy the dip yet, there could have been an exploit where either:

1. the collateral has been taken or
2. an infinite print of aUSD

if you had aUSD, good luck to you. If you're looking to gamble by buying "the dip" also good luck to you.

If anyone has more info please share below.

Seems like another stable bites the dust.

P.S – this should not be confused with Alpaca USD, even though it's showing a major depeg on coinmarketcap, the only reason why it's showing the depeg is because an Acala USD pair has been incorrectly added to Alpaca USD.

update – the iBTC/AUSD pool was exploited to print additional AUSD, the hacker has 1 billion AUSD.