Acala Stablecoin (1.27 Billion tokens)
Out of all of the weird web3 nonsense to invest in, stablecoins are supposed to be the safest bet. Typically, their price is pegged to something, well, stable—like the U.S. dollar or another asset whose value stays relatively consistent over time. However, in the case of a project called Acala, a cybersecurity debacle ended up destabilizing the coin and sending its value plummeting. In August, Acala’s stablecoin, aUSD, depegged and lost 99 percent of its value. The depegging occurred as a result of a cyberattack carried out by an unknown crypto thief who exploited a bug in a related liquidity pool; the bug allowed users to mint an unlimited amount of tokens, allowing the attacker to mint close to 1.8 billion aUSD.
