StableBalance Coin plummets by 99% after Attack, 42DAO loses approximately $915,000

BlockBeats News, July 22nd, the algorithmic stablecoin Balance Coin suffered a severe depegging incident, with the price plummeting from around $0.9954 to $0.001358, a decrease of over 99%.

The blockchain security firm PeckShield stated that this depegging incident was related to an attack on the governance of the Balance Protocol ecosystem and its BLC token by the decentralized autonomous organization 42DAO, resulting in a loss of approximately $915,000.

Another security firm, TenArmor, reported detecting suspicious attack activities involving GemJoin and 42DAO on the BNB Chain. Currently, the project team has not disclosed the detailed cause of the incident or the follow-up plan.