Balance Coin Crashes 99% Following $915K Exploit of 42DAO on Wednesday

EPT-0.56%
BNB-1.45%
According to PeckShield, Balance Coin, an algorithmic stablecoin designed to maintain a US dollar peg, crashed on Wednesday following a reported $915,000 exploit of 42DAO, the decentralized autonomous organization governing Balance Protocol. The token fell from $0.9954 to $0.001358, according to CoinMarketCap. Security firm TenArmor also detected a suspicious attack involving GemJoin and 42DAO on the BNB Chain.
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