Balance Coin crashes 99% after reported $915K exploit
The attack allowed the exploiter to liquidate multiple Bitcoin-backed vaults before swapping the assets for profit.
Update July 22 at 4:37 am UTC: The article has been updated to include additional information from Slowmist about the exploit method.
Balance Coin, an algorithmic stablecoin designed to maintain a peg to the US dollar, has fallen more than 99% following a reported exploit.
The stablecoin, the native algorithmic stablecoin of Balance Protocol, is currently trading at $0.001358, down from $0.9954, according to CoinMarketCap.