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Summary:
Acala Network’s token aUSD was delisted by KuCoin due to a misconfiguration issue in 2022. KuCoin has initiated an acquirement plan to compensate the token holders.
Introduction:
In 2022, Acala Network experienced a misconfiguration leading to the erroneous minting of aUSD. As a result, KuCoin decided to delist the stablecoin and introduce an acquirement plan for affected token holders.
Main Points:
Crypto exchange KuCoin delisted Acala Network’s stablecoin aUSD after the misconfiguration incident in August 2022. Following the error minting of 3 billion aUSD tokens, KuCoin stopped deposits and withdrawals of aUSD and placed the asset in the ‘Special treatment’ category for investigation.
Despite efforts from Acala Project, a solution to the issue was not found, prompting KuCoin to launch the acquirement plan for users holding aUSD. The plan requires users to apply for conversion to USDT, with the exchange depositing the converted USDT within 15 working days.
The acquirement plan application deadline is set for June 23, with conversion based on the average price 30 days before the closure of the aUSD/USDT trading pair. Acala Network’s native token ACA experienced a 1.91% drop amid this development.
Conclusion:
KuCoin’s move to delist aUSD and implement the acquirement plan aims to address the loss experienced by token holders due to the misconfiguration incident. The process of converting aUSD to USDT and compensating eligible holders demonstrates the exchange’s commitment to resolving the issue.
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