Balance Coin crashes 99% after reported $915K exploit

Blockchain security firms linked the collapse to a suspected attack on 42DAO, the decentralized organization that governs the Balance Protocol ecosystem.

Balance Coin, an algorithmic stablecoin designed to maintain a peg to the US dollar, has fallen more than 99% following a reported exploit.

The stablecoin, the native algorithmic stablecoin of Balance Protocol, is currently trading at $0.001358, down from $0.9954, according to CoinMarketCap.

Blockchain security firm PeckShield on Wednesday said the depeg followed a $915,000 exploit of decentralized autonomous organization 42DAO, which governs the Balance Protocol and its BLC token.

TenArmor said it had detected a suspicious attack involving GemJoin and 42DAO on the BNB Chain.

This is a developing story and more information will be added as it becomes available.

Source: https://cointelegraph.com/news/algorithmic-stablecoin-balance-coin-plummets-99-after-exploit?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound