According to ME News, on July 22 (UTC+8), the algorithmic stablecoin Balance Coin dropped from $0.9954 to $0.001358, a decline of over 99%. This stablecoin is the native algorithmic stablecoin of Balance Protocol, designed to maintain a peg to the US dollar. Blockchain security firm PeckShield stated that the depegging occurred following a $915,000 exploit targeting 42DAO, the decentralized autonomous organization governing Balance Protocol and its BLC token. TenArmor reported detecting a suspicious attack on BNB Chain involving GemJoin and 42DAO. (Source: ODAILY)
Balance Coin Drops 99% Following $91.5M Attack on 42DAO
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Summary
Meme coin news emerged as Balance Coin plummeted 99% to $0.001358 following a $91.5M exploit targeting 42DAO. On-chain data shows the depeg occurred after the attack on July 22 (UTC+8). PeckShield confirmed the connection, while TenArmor detected suspicious activity on BNB Chain involving GemJoin and 42DAO.
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