Balance Coin crashes 99% after reported $915K exploit

Written by Felix Ngstaff editorReviewed by Yohan Yunstaff editorWritten by Felix Ngstaff editorReviewed by Yohan Yunstaff editorBalance Coin crashes 99% after reported $915K exploit Latest NewsPublishedJul 22, 2026Blockchain security firms linked the collapse to a suspected attack on 42DAO, the decentralized organization that governs the Balance Protocol ecosystem.Balance Coin, an algorithmic stablecoin designed to maintain a peg to the US dollar, has fallen more than 99% following a reported exploit.The stablecoin, the native algorithmic stablecoin of Balance Protocol, is currently trading at $0.001358, down from $0.9954, according to CoinMarketCap. Blockchain security firm PeckShield on Wednesday said the depeg followed a $915,000 exploit of decentralized autonomous organization 42DAO, which governs the Balance Protocol and its BLC token. TenArmor said there were two attack transactions involving GemJoin and 42DAO on the BNB Chain. Onchain data shows that the first attack involved the minting of 4.5 million BLC from a null address, which was then sent to PancakeSwap V2, and swapped for Binance-pegged USDT (BSC-USD) and Binance Bitcoin (BTCB).A second attack replicated the exploit two hours later, minting an additional 5,900 BLC to extract BSC-USD and BTCB. This is a developing story and more information will be added as it becomes available. Subscribe to daily byte-sized crypto news from Cointelegraph Subscribe Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. StablecoinAltcoinsMore on the subjectGrayscale files S-1 for first US Worldcoin ETFJul 21, 2026Felix NgNews BriefJapanese logistics company eyes JPYC stablecoin to pay driversJul 20, 2026Felix NgNews BriefUS freezes $131M in Iran-linked crypto as Middle East tensions riseJul 15, 2026Felix NgGraysc…

Balance Coin crashes 99% after reported $915K exploit

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