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.
