Acala has recovered from the attack breakdown on its Polkadot parachain.
Acala, a decentralized finance network powering the Acala USD (aUSD) ecosystem, says it has recovered about 3 billion aUSD from the attack breakdown caused by configuration issue of the Honzon protocol, one of Acala's smart contracts that managed the iBTC/aUSD liquidity pool. The error allowed Acala liquidity providers to mint 2.97 billion a USD and illegitimately move them into their control.
After being paused the network function including swap, xcm, honzon-related and oracle pallet etc, and trace 16 addresses that conducted the minting event the team was able to recover 1.292 billion aUSD. This sum was burned after passing a swift governance vote.
In its latest update, the team has recovered another 1.682 billion aUSD, which increased the overall recovered sum to 2.974 billion aUSD. This additional sum of 1.682 billion aUSD is expected to be burned as well before the team restores back its network. Meanwhile, 48 million aUSD hasn’t been recovered yet, which includes the minted aUSD that was swapped and transferred to other blockchains.
The incident resulted in significant volatility in the price of aUSD. It momentarily lost more than 99% of its value on Sunday and dropped to less than $0.01. The stablecoin has since recovered and reached out of $0.09 by the Wednesday of the following week since the incident occurred.
Opensea volumes declining
The NFT market is enduring a brutal winter, OpenSeas trading volume plunged to its lowest level in 13 months on August 16.
OpenSea, the No. 1 NFT marketplace, handled $6.5M worth of trades, a fraction of the $204M executed at its peak in February. The number of transactions has also plunged by two-thirds in the last six months. As for active players, that, too, is way down with 15,220 traders on the marketplace, a 70% dive from the heady days of February.
OpenSea is not the only platform in the dumps. Volume on NBA Top Shot, Dapper Labs NFT sports series, is down 87.4% from its high of $3.17M on April 29.
The downturn is a reality check for a market that became a pop-culture phenomenon in 2021.
It seems NFT holders are retreating to tried and true assets as times get rough. That’s a new role for CryptoPunks.
Bitcoin 'liveliness' lowest since 2021 amid new 5-year BTC hodl record
Bitcoin has recovered almost 40% from its macro lows of $17,600 just two months ago, but for the cryptocurrency’s diamond hands, it has been a non-event.
On Aug. 18, the percentage of the BTC supply staying untouched in its wallet for at least five years reached a new all-time high of 24.351%. Almost one quarter of the 19.12 million BTC circulating supply has thus been off the market since 2017 or earlier.
Liveliness, a term coined by Bitcoin developer Tamas Blummer, is plotted as a score between 0 and 1, which increases or decreases, depending on how much hodler selling is occurring.
As Glassnode neatly summarizes, it is “the ratio of the sum of Coin Days Destroyed and the sum of all coin days ever created.” Coin Days Destroyed refers to the resetting of the counter when each Bitcoin moves, the “days” referring to days spent dormant, not moving around the network.
New regulatory changes in Canada for crypto
The Government of Canada has recently passed regulatory changes for crypto purchases. If you live in an applicable province, net buy limits affect the net amount of crypto you can buy to $30,000. These limits reset annually. After 12 months have passed your limit will reset
There are 4 unrestricted cryptocurrencies that do not count towards your limit: Bitcoin, Ethereum, Litecoin, Bitcoin Cash. When you buy restricted cryptocurrencies, you use some of your limits. Selling restricted cryptocurrencies will add space back to your limit.
You will have an annual net buy limit of $30,000 if you live in one of following provinces: New Brunswick, Newfoundland, Nova Scotia, Nunavut, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan, Yukon.
Net buy limits won’t impact you if you live in one of the following provinces: Alberta, British Columbia, Manitoba, Quebec.
