Balance Coin Plummets Over 99%, 42DAO Faces $915,000 Attack
By: cointelegraph.com|2026/07/22 03:19:43
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Algorithmic stablecoin Balance Coin has dropped from $0.9954 to $0.001358, a decline of over 99%. This stablecoin is the native algorithmic stablecoin of the Balance Protocol, designed to maintain a peg to the US dollar. Blockchain security firm PeckShield reported that the de-pegging incident occurred after the decentralized autonomous organization 42DAO, which governs the Balance Protocol and its BLC token, suffered a vulnerability attack amounting to $915,000. TenArmor detected suspicious attacks involving GemJoin and 42DAO on the BNB Chain.
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