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KuCoin Delists AUSD, Announces Acquirement Plan for Holders

Must Read

  • KuCoin ‘disqualified’ and delisted Acala Community’s token, aUSD.
  • Acala Community witnessed a misconfiguration which led to error minting of aUSD in 2022.

Crypto alternate Kucoin delisted the dormant stablecoin of Acala Community — aUSD — and has initiated the launch of an “acquirement plan” to compensate token holders’ loss.

Beforehand, in August 2022, the Acala incident — an inaccurate minting of three billion aUSD tokens in its liquidity pool — occurred. Following it, KuCoin ceased deposits and withdrawals of aUSD. Then, it remoted the asset into the ‘Particular therapy’ class and initiated an investigation into the error mints.

Moreover, in September 2022 Acala Venture revealed a full hint report. Regardless of being two years, since a doable resolution by the Acala Venture Workforce appeared unlikely, KuCoin has launched this acquirement plan for customers holding aUSD.

Within the official weblog publish, KuCoin said:

“Sadly, regardless of a number of rounds of communications with the Venture Workforce, up till now, an affordable resolution nonetheless couldn’t be reached as a result of lack of cooperation from the Venture Workforce.”

Nonetheless, Polkadot-native DeFi protocol Acala Community has not but commented on the launch of KuCoin’s acquirement plan.

How Does KuCoin Compensate Holders’ Loss?

KuCoin’s resolution for aUSD holders is that they should apply for acquirement plans beginning at present till June 23. The alternate then plans to transform eligible aUSD holders’ tokens to USDT. The transformed USDT might be deposited in customers’ accounts inside 15 working days, as said within the article.

Moreover, the conversion will happen just for these customers who’ve accomplished and submitted the applying types for acquirement. Software types might be saved open till June 23. The worth for acquirement was said to be the common value 30 days earlier than the closure of the buying and selling pair aUSD/USDT.

Amid this incident, Acala Community’s native token ACA dropped by 1.91% to commerce at $0.1021, as per CoinMarketCap information.

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