SecurityCoinDeskabout 2 hours ago
Balance Coin crashes 99% after exploit
1 min read
Balance Coin, an algorithmic stablecoin pegged to $1, crashed over 99% to about $0.0014 after an attacker manipulated Balance Protocol's bitcoin price oracle. The exploit triggered improper liquidations of bitcoin-backed vaults, netting roughly $912,000 from governance entity 42DAO. Security firm SlowMist identified the missing price protection and liquidation delay as the flaw.
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