Algorithmic Stablecoin BLC Tumbles More Than 99% After Hack
Summary
- The algorithmic stablecoin Balance Coin (BLC) lost more than 99% of its value after a hacking attack.
- Balance Coin was trading at $0.001358 after plunging more than 99% from its previous price of $0.9954.
- Blockchain security firms PeckShield and TenArmor said investigations are under way into hacking and suspicious attacks targeting 42 DAO, GemJoin, and BNB Chain.
Forecast Trend Report by Period
Balance Coin, the algorithmic stablecoin known as BLC, has lost more than 99% of its value following a hack.
Cointelegraph reported on July 22 that Balance Coin, the native algorithmic stablecoin of Balance Protocol, was trading at $0.001358. That compares with its previous price of $0.9954, a drop of more than 99%.
Blockchain security firm PeckShield said the depegging was triggered by a $915,000 hack targeting 42 DAO, the decentralized autonomous organization that governs Balance Protocol and the BLC token.
Another security firm, TenArmor, said it detected a suspicious attack targeting GemJoin and 42 DAO on BNB Chain. Investigations into the full extent of the losses and how the attack occurred are ongoing.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.