Balance stablecoin collapses 99% after $1 million exploit drains its bitcoin vaults
An attacker fed the lending system a fake, abnormally low bitcoin price, liquidated vaults that should have been safe, and pocketed the difference in a single transaction.
Quick take
Read original at CoinDesk Balance Coin, an algorithmic stablecoin, crashed 99% to $0.0014 after an attacker exploited a pricing flaw, draining $912,000 from 42DAO. The attacker manipulated the protocol's oracle to trigger improper liquidations of bitcoin-backed vaults. The exploit netted the attacker a significant profit.
Summarised by netranta from CoinDesk. Open the original for the full story.
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