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FollowingBalance Coin, an algorithmic stablecoin designed to remain anchored 1:1 with the U.S. dollar, has plunged more than 99% in price after a recent security breach.
As a native algorithmic stablecoin of Balance Protocol, the token currently trades at US$0.001358, compared with the previous price of US$0.9954.
The blockchain security company pointed out that the unanchoring incident originated from an attack on the decentralized autonomous organization 42DAO, and the attacker stole approximately $915,000. 42DAO manages the Balance Protocol and its BLC tokens.
Security agencies also detected a suspicious attack on BNB Chain involving GemJoin and 42DAO.
This is a developing news piece, and more information will be updated one after another after it is obtained.
