Balance stablecoin collapses 99% after $1 million exploit drains its bitcoin vaults

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.