Balance Coin Crashes 99% to $0.0014 After Oracle Attack Today

EPT-0.43%
BTC-0.79%
According to CoinDesk, algorithmic stablecoin Balance Coin experienced a 99% price collapse to approximately $0.0014 today (July 22) following an oracle price manipulation attack. Security firm SlowMist reported that attackers fed false, drastically low Bitcoin prices into the protocol to bypass price validation checks and trigger forced liquidations of overcollateralized positions. The attackers subsequently converted seized collateral for profit, extracting approximately $912,000 from governance entity 42DAO.
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