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Balance Coin crashes 99% after a $915,000 exploit

The stablecoin fell to $0.001358 from about $0.9954 after PeckShield linked the depeg to an exploit of 42DAO on the Balance Protocol ecosystem.

Reported · Written up by our desk · Stablecoins

Balance Coin, an algorithmic stablecoin designed to keep a US dollar peg, has plunged more than 99% after a reported exploit, according to Cointelegraph.

The token is trading at $0.001358, down from $0.9954, with CoinMarketCap cited as the source for current pricing.

Cointelegraph reports blockchain security firm PeckShield said the depeg followed a $915,000 exploit targeting decentralized autonomous organization 42DAO, which governs the Balance Protocol and its BLC token.

Another firm, TenArmor, said it detected a suspicious attack involving GemJoin and 42DAO on the BNB Chain, and the outlet described the situation as developing.

Latest closeBNB $731.22 ▼1.3%

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