đšA "$1 STABLECOIN" JUST COLLAPSED BY MORE THAN 99%.
Balance Coin, designed to maintain a $1 peg using Bitcoin-backed collateral, crashed to nearly $0.0014 after an exploit worth almost $1 million.
Here's what happened...
According to SlowMist, the attacker manipulated the protocol's oracle by feeding it an artificially low Bitcoin price.
That false price triggered mass liquidations across the protocol.
The attacker then seized the discounted BTC collateral and walked away with roughly $912,000 in profit.
The damage was devastating.
BLC has now fallen to around $0.00075, leaving its entire 3.51 million token supply valued at just $2,570.
One oracle failure.
One exploit.
A stablecoin erased almost overnight.
In crypto, security isn't a feature.
It's the product.
#Crypto #Stablecoin #Bitcoin #DeFi #Blockchain
Balance Coin, designed to maintain a $1 peg using Bitcoin-backed collateral, crashed to nearly $0.0014 after an exploit worth almost $1 million.
Here's what happened...
According to SlowMist, the attacker manipulated the protocol's oracle by feeding it an artificially low Bitcoin price.
That false price triggered mass liquidations across the protocol.
The attacker then seized the discounted BTC collateral and walked away with roughly $912,000 in profit.
The damage was devastating.
BLC has now fallen to around $0.00075, leaving its entire 3.51 million token supply valued at just $2,570.
One oracle failure.
One exploit.
A stablecoin erased almost overnight.
In crypto, security isn't a feature.
It's the product.
#Crypto #Stablecoin #Bitcoin #DeFi #Blockchain