Ongoing Spot Campaigns_CAL:Kucoin

DearAcalaCommunity,

YoumayhavenoticedtherecentaUSDincident,andKuCoinisworkingcloselywiththeAcalaFoundationtoinvestigateit,aswellasfindsolutionstobringtheblockchainbackonline.

TheAcalaFoundationhasrecentlypublishedtheFullTraceReport,andtheAcalacommunityhasinitiatedaproposalforaUSDrecoverybasedonthereport.However,ithasbeenfoundthatmuchoftheimportantinformationrelatedtotheCEXintheproposalisinaccurate,suchasthenumberofaUSDerrormintssenttoKuCoinandthenumberofaUSDerrormintstradedonKuCoin.?

ConsideringthatthecurrentproposalbasedoninaccurateinformationmaynotleadtothebestsolutionfortheAcalacommunity,KuCoinispublishingthisannouncementtotheAcalaCommunity.Itisstronglysuggestedthatthecommunityreconsiderthecurrentproposalbasedontheinformationweshared.?

WhatHappen?

At22:41:48onAugust14,2022(UTC),whentheblockheightoftheAcalachainreached1638215,amisconfigurationoftheiBTC/aUSDliquiditypoolonAcalaSwapresultedinerrormintsofasignificantamountofaUSD.

Aftertheincident,alargenumberofusersdepositedaUSDerrormintsintoKuCoin,resultinginaUSD’sdepegfrom$1.Soonafterthat,theAcalaSwapandtheAcalachainwerepaused.

TheAcalaFoundationcontactedusandaskedforourhelptotemporarilyfreezeaccountsthatareassociatedwiththeaUSDincident,preventinganyfurthertransactionsoftheaUSDerrormints.ToprotecttheAcalacommunity,aUSDholders,aswellasKuCoinusers,KuCointemporarilyfroze2batchesofsuspiciousaccountsonAugust14andAugust18.

Duringtheinvestigation,KuCointrieditsbesttoprovideassistance.Meanwhile,wehaverequestedmultipletimesthattheAcalaFoundationshouldprovideaplantodisposeoftheaUSDerrormintsandsolvetheaUSDdepegissueassoonaspossible.

OnAugust24,2022,KuCointaggedaUSDasST(SpecialTreatment)ontheplatformtoinformallinvestorsaboutthepotentialriskofthetoken.

OnAugust26,2022,KuCoinwasinformedbytheAcalaFoundationthattheywillsoonpublishtheFullTraceReportoftheaUSDincident,andtheAcalacommunitymayinitiateaproposalforaUSDrecoverybasedonthereport.

TheReport&Proposal

OnSeptember6,2022,KuCoinhasnoticedthereleaseoftheFullTraceReportaswellasaproposallaunchedbyanAcalacommunitymember.Theproposalentails:

ForaUSDerrormintsthathavebeenfrozenbyCEX,itissuggestedtofreezethemon-chain

ForaUSDerrormintsthathavebeentradedonCEX,itissuggestedtohavetheAcalaFoundationtoloancollateralssuchasUSDCACAtothenetworktore-collateralizethem

Asaneutralplatform,KuCoinhasnointentiontointerveneinthegovernanceoftheAcalacommunity,butithasbeenfoundthatmuchoftheimportantinformationrelatedtotheCEXinthereportandtheproposalisinaccurate,soKuCoinwouldliketomakesomeclarificationhere:?

1.ThetotalnumberofaUSDerrormintssenttoKuCoinis8.03M,ratherthan4.937Masmentionedinthecommunityproposal.(HereisthefulllistofKuCoinAddressesrelatedtoaUSDerrormints)

(ScreenshotfromtheAcalacommunityproposal)

2.ThetotalnumberofaUSDerrormintstradingonKuCoinis5.33M,ratherthan1Masmentionedinthecommunityproposal

(ScreenshotfromtheAcalacommunityproposal)

Conclusion&Suggestion

Basedontheabove-mentionedinformation,iftheAcalacommunityisgoingtoproceedthesamesolutionintheproposal,thenitisrequiredtore-collateralize10.267MaUSDerrormints(4.937fromotherparachainsand5.33MfromCEX)thataretransferrable,ratherthan5.937M.

(ScreenshotfromtheAcalacommunityproposal)

Ifthecurrentproposalbasedoninaccurateinformationhasbeenexecuted,itmeansthatover4.33MaUSDtokens(5.33Mminus1M)thatwereheldbyinnocentaUSDholderswillbefrozen,andevenburnt,whichmayresultintremendousdamagetotheAcalacommunityandthepriceoftheaUSDtoken.?

GiventhesignificantdifferenceintheamountofaUSDerrormintsdeemednecessarytore-collateralize,itissuggestedthattheAcalacommunityreconsiderthecurrentproposaltogetherwiththeAcalaFoundation.?

Intheinterestsofprotectingusers,KuCoiniswillingtocontinuetoprovidesupporttotheAcalacommunityandtheAcalaFoundation.Andwithourjointefforts,wehopetheincidentcanberesolvedsoon,whileensuringthatnoinnocentusersuffersanyloss.?

Currently,thedepositandwithdrawalserviceofaUSDremainsclosed,andthetradingserviceofaUSDisstillavailableonKuCoin.Wewillkeepyouinformedofanychanges.Pleasedoyourownriskassessmentwheninvestingintoanycryptocurrencies.?

TheKuCoinTeam

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金宝趣谈

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