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Algorithm stablecoin Balance Coin plummeted 99% following an attack, with 42DAO suffering losses of approximately $915,000.

3 hours ago

Algorithmic stablecoin Balance Coin has suffered a severe depegging amid a suspected security incident, with its price plummeting from around $0.9954 to $0.001358, a drop of over 99%. Blockchain security firm PeckShield stated that the depegging is linked to an approximately $915,000 attack on 42DAO, the decentralized autonomous organization (DAO) governing the Balance Protocol ecosystem and its BLC token. Another security firm TenArmor said it has detected suspicious attack activities involving GemJoin and 42DAO on BNB Chain. To date, the project team has not disclosed the detailed cause of the incident or subsequent handling plans.

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