Stablecoin Balance Coin Crashes 99% After Reported Exploit
The price collapse follows reports of an exploit ranging from $915,000 to $1 million, with blockchain security firms pointing to an attack on the governing DAO.
Mateusz Dach
The stablecoin Balance Coin crashed by 99% following reports of an exploit. Blockchain security firms linked the collapse to a suspected attack on 42DAO, the decentralized organization that governs the Balance Protocol ecosystem.
According to security firms, an attacker fed the lending system a fake, abnormally low bitcoin price, which allowed them to liquidate vaults that should have been safe and pocket the difference in a single transaction.
The exact size of the exploit is disputed. One source reports the amount as $915,000, while another puts it at $1 million.
Economics Correspondent · Talivio News
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