Odaily Planet Daily reports that 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 after the decentralized autonomous organization (DAO) 42DAO, which governs Balance Protocol and its BLC token, suffered a $915,000 exploit. TenArmor reported detecting a suspicious attack on BNB Chain involving GemJoin and 42DAO.
Balance Coin Drops Over 99% Following $91.5M Attack on 42DAO
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Summary
Meme coin news emerged as Balance Coin plummeted over 99%, dropping from $0.9954 to $0.001358. The crash followed a $91.5 million exploit on 42DAO, which manages the protocol. On-chain analysis by PeckShield linked the depeg to the attack, while TenArmor detected suspicious activity on the BNB Chain involving GemJoin and 42DAO.
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