42DAO's Algorithmic Stablecoin BLC Hacked, Price Drops 99%

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On July 22, 2026, PeckShield reported a hack targeting 42DAO’s algorithmic stablecoin BLC, causing its price to collapse by 99%. The incident erased approximately $915,000 in value. Price analysis indicates the attack triggered a rapid depegging and massive sell-off, underscoring the risks inherent in algorithmic stablecoin mechanisms.

ChainThink reports that on July 22, according to PeckShield monitoring, Balance Coin (BLC), a native algorithmic stablecoin incubated and deployed by 42DAO, was hacked, causing its price to plummet by 99%.

This attack resulted in a loss of approximately $915,000 for 42DAO.

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