[DigitalToday reporter Chi-gyu Hwang (황치규)] Balance Protocol algorithmic stablecoin Balance Coin tumbled more than 99 percent after an exploit was reported. Cointelegraph said on July 22 (local time) that Balance Coin fell to $0.001358 from $0.9954, based on CoinMarketCap.
Balance Coin is an algorithmic stablecoin designed to be pegged to the U.S. dollar. The current price is $0.001358, meaning its one-to-one peg to the dollar has broken.
Blockchain security firm PeckShield said a depeg occurred after a $915,000 exploit targeting 42DAO. 42DAO is a decentralised autonomous organisation that manages Balance Protocol and its native token BLC.
The matter is ongoing. Details of what happened and additional information have not yet been disclosed.
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Chi-gyu Hwang
delight@d-today.co.kr