Crypto News of the Week : Polkadot (DOT) Hacked, Ripple (XRP) Collapses, (CRNO) increases by 690%

August has been an eventful month in the crypto space. Battling the on-going bear market, the past week has seen many cryptocurrencies caught in a myriad of other happenings impacting their growth. Let’s look at the top 3 occurrences in the crypto space last week.

Polkadot (DOT) Hacked, 1.2 Billion aUSD Minted

On 14th August 2022, the Polkadot (DOT) DeFi Acala network was hacked by a group of malicious actors. Upon gaining access to the network, the hackers minted over 1.2 billion aUSD.

According to a tweet from the team, the hack exploited a bug in the iBTC, aUSD liquidity pool.

Soon after the attack, the value of aUSD, the multi-collateral crypto-backed stablecoin of the Polkadot ecosystem, lost more than 98% of its value. aUSD now has an all-time low (ATL) value of $0.0054.

The attack caused the Acala community DAO (Decentralized autonomous organization) to vote that the network temporarily go into maintenance mode.The Acala team requested white-hat hackers to transfer any aUSD, minted as a result of fraud, to secure addresses belonging to Acala. The Acala team claimed to identify the account to which this $1.2 billion was transferred and intimated users that further action would be taken on this matter.

aUSD, minted through the Collateralized Debt Positions (CDPs) system, was pegged to the value of the USD. Therefore, 1 aUSD was equal to 1 dollar. However, on 14th August, aUSD lost its peg against the dollar.

Ripple (XRP) Price Collapses by 90% of All-Time-High

Ripple (XRP) is hinting at a bearish squeeze as it has been stuck in the price range between $0.30 to $0.39 for the past 3 months. XRP price is currently 89.89% below the all time high of $3.84.

In spite of these numbers, Ripple (XRP) has noted a significant increase in daily active wallets. On 15th August 2022, U.Todays’ Yuri Mulchan revealed in an article that nearly 300 million Ripple (XRP) tokens were transferred to top crypto exchanges. According to Whale Alert, a crypto auditor, 50,000,000 of the transactions were directly linked to (Ripple) XRP and transferred to an unknown wallet. (CRNO) Piques Investor Interest, Increase by 690%

In its third presale stage, native token (CRNO) has already managed to increase its gains by 690%, despite being faced by a brutal bear market. The CRNO token price has increased from $0.01 to $0.079 due to the sheer interest of investors, in what is the world’s first watch NFT platform.

The decentralized platform mints NFTs of luxury watches like Rolex, Patek Philippe, Richard Mille, amongst many others. These NFTs are 100% backed by the real watches held in Chronoly’s depository vaults. Investors can be assured of the authenticity of these watch NFT’s. Once an investor acquires 100% of the NFT, they can redeem the physical watch. Moreover, investors can purchase a fraction of these NFTs for as low as $10. The watch NFT can also be sold in an ethereum compatible secondary market to obtain returns. Top analysts predict that CRNO could be the next 1000x token, with more than 2,500% increase in value before the presale stage ends.

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