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Do Kwon Breaks Silence: ‘I’ve Never Thought About What Could Happen to Me If This Fails’

Updated: Aug 17, 2022

Daily Market Wrap

  • Crypto market cap: 1.15 trillion, down 2.42%

  • BTC price stands at USD 24,174, down 2.42%

  • ETH price stands at USD 1,903, down 4.01%

  • Top gainer: Chiliz (CHZ), up 12.99%

  • Top loser: Celsius (CEL), down 34.13%

News of the Day

Why it matters:

  • Coinage Media launched a teaser on Twitter about an interview with the founder of Terra, Do Kwon, about the aftermath of the Terra Luna collapse

  • In the teaser, Kwon justified the fraud accusations against him in the interview that Terra was not a Ponzi scheme

  • “Yes, but the algorithmic stablecoin was starting to become industry standard. I bet big and I think I lost,” Kwon says in an interview clip

Crypto Daily Spotlight

Brief introduction: Acala is a decentralised finance network offering a blockchain platform secured by Polkadot, as well as a suite of apps that let users trade, issue self-serviced loans, become liquidity providers, and earn high-interest APY on their digital assets. Acala features a multi-collateral-backed stablecoin dubbed the Acala Dollar Stablecoin (aUSD), pegged to the US dollar in a 1:1 ratio.

Why it matters:

  • The Polkadot-based Acala Network’s aUSD stablecoin de-pegged by over 99% over the weekend after hackers exploited a bug in a newly deployed liquidity pool to mint 1.28 billion tokens

  • 0xTaylor_ first noticed the attack and tweeted that the hacker exploited a bug in the iBTC/AUSD pool

  • Acala acknowledged the attack, tweeting, “we have noticed a configuration issue of the Honzon protocol which affects aUSD”

  • At the time of writing, the network is still in maintenance mode to block all token transfers, but the team confirmed that the bug had been fixed. Even so, the parity of aUSD has not fully recovered to the peg of $1 dollar according to CoinMarketCap

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