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Balance Coin Crashes 99% After $915K Exploit

Created at 22 Jul · 3:31 AM1 source↑ Market-relevant
IN SHORT

Balance Coin (BLC), an algorithmic stablecoin, has plummeted over 99% to $0.001358 after a suspected exploit of 42DAO, the decentralized organization governing the Balance Protocol ecosystem. The exploit resulted in a loss of approximately $915,000.

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Key Numbers

99%Balance Coin value drop
$0.001358Balance Coin current trading price
$0.9954Balance Coin previous trading price
$915,000Exploit loss amount

Who's Involved

Balance Coin
algorithmic stablecoin that crashed 99%
42DAO
decentralized organization governing Balance Protocol, targeted in exploit
PeckShield
blockchain security firm that identified the exploit
TenArmor
blockchain security firm that detected suspicious attack
Balance Coin Crashes 99% After $915K Exploit

↳ Why This Matters

The exploit and subsequent collapse of Balance Coin highlight the significant risks associated with algorithmic stablecoins and the broader DeFi ecosystem, demonstrating how security vulnerabilities can lead to substantial financial losses for investors.

Key facts

  • Balance Coin (BLC), an algorithmic stablecoin, has fallen more than 99%.
  • The stablecoin is currently trading at $0.001358.
  • The depeg followed a $915,000 exploit of 42DAO.
  • 42DAO is the decentralized organization that governs the Balance Protocol ecosystem.
  • Blockchain security firm PeckShield identified the exploit.

Balance Coin (BLC), an algorithmic stablecoin designed to maintain a peg to the US dollar, has experienced a dramatic decline of over 99%, now trading at $0.001358. This sharp fall follows a reported exploit of approximately $915,000 targeting 42DAO, the decentralized autonomous organization that governs the Balance Protocol ecosystem. Blockchain security firms PeckShield and TenArmor linked the stablecoin's collapse to this suspected attack on the BNB Chain.

Frequently asked questions

Balance Coin crashed due to a suspected $915,000 exploit of 42DAO, the organization governing the Balance Protocol.

Balance Coin is an algorithmic stablecoin designed to maintain a peg to the US dollar, native to the Balance Protocol.

42DAO is the decentralized organization that governs the Balance Protocol ecosystem and its BLC token.

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Cadence

How It Developed

Balance Coin experienced a dramatic drop in value.
Blockchain security firms linked the collapse to a suspected attack on 42DAO.
The exploit resulted in a loss of approximately $915,000.
Balance Coin is now trading at $0.001358, down from $0.9954.

Sources

T1
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.Cointelegraph
T2
Balance Coin Drops 99% After $915K Exploit | Phemex Newsphemex.com

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