Balance Coin, an algorithmic stablecoin pegged to the US dollar, has plummeted over 99%—now trading at a fraction of a cent—after a suspected $915,000 exploit targeting 42DAO, the protocol’s governing body. Security teams are investigating suspicious activity on BNB Chain involving GemJoin, which likely triggered the collapse. As analysts scramble to piece together the breach, this shocking freefall underscores the extreme risks and security vulnerabilities inherent in decentralized finance, especially for algorithmic stablecoins.
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