Balance stablecoin crashed 99% after a hacker exploited its price oracle by feeding it a fake, sky-low Bitcoin price—enabling instant liquidation of vaults and a $912K theft. This DeFi disaster exposes gaping security flaws in oracle systems and raises alarms as AI’s growing sophistication could soon automate such attacks. Regulators are now scrambling to fortify protocols against manipulated data, sending a chilling reminder: in crypto, trust is fragile and vulnerabilities are always being tested.
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