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.

Update July 22 at 4:37 am UTC: The article has been updated to include additional information from Slowmist about the exploit method.

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.

Read more