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Project Overview
42DAO is the central governing body of the Balance Protocol, a pioneering DeFi protocol that offers a USD-pegged stablecoin, Balance Coin (BLC). Acting as the foundation for the Balance Protocol's stability and growth, 42DAO fosters a collaborative environment where key decisions are made through community voting. FTD token holders, the lifeblood of 42DAO, have the exclusive right to participate in these votes, shaping the future direction of the Balance Protocol.
Algorithmic Stablecoin Balance Coin Suffers Oracle Attack, Plummets 99%
According to CoinDesk reports, algorithmic stablecoin Balance Coin suffered an oracle price manipulation attack on July 22. The coin price plummeted from near the $1 peg to about $0.0014, a drop of over 99%, and the nominal market cap of about $3.5 million nearly went to zero. According to analysis by security firm SlowMist, the attacker fed abnormally low false Bitcoin prices into the protocol, bypassing price rationality checks and liquidation delay mechanisms. They forcibly liquidated multiple ineligible collateral vaults in a single transaction, subsequently exchanged the acquired collateral for arbitrage, and ultimately profited about $912,000 from the protocol governance entity 42DAO.
Balance Coin Plunges Over 99%, 42DAO Allegedly Hit by $915,000 Attack
Odaily Planet Daily reported that the algorithmic stablecoin Balance Coin dropped from $0.9954 to $0.001358, a decline of over 99%. The stablecoin is the native algorithmic stablecoin of the Balance Protocol, designed to maintain a peg to the US dollar. Blockchain security firm PeckShield stated that the depegging occurred following an exploit of the decentralized autonomous organization 42DAO, which governs the Balance Protocol and its BLC token, resulting in a $915,000 loss. TenArmor reported detecting suspicious attacks involving GemJoin and 42DAO on the BNB Chain.
SlowMist: 42DAO exploited due to abnormally low BTCB oracle price, loss of approximately $912,000
SlowMist issued a security warning stating that 42DAO suffered an attack, with losses of approximately $912,000. The attack was caused by the attacker exploiting the abnormally low price of BTCB provided by Median Oracle, completing the exploitation through the poke mechanism of the Spotter contract and the bark mechanism of the Dog contract.
Related news
Algorithmic Stablecoin Balance Coin Suffers Oracle Attack, Plummets 99%
According to CoinDesk reports, algorithmic stablecoin Balance Coin suffered an oracle price manipulation attack on July 22. The coin price plummeted from near the $1 peg to about $0.0014, a drop of over 99%, and the nominal market cap of about $3.5 million nearly went to zero. According to analysis by security firm SlowMist, the attacker fed abnormally low false Bitcoin prices into the protocol, bypassing price rationality checks and liquidation delay mechanisms. They forcibly liquidated multiple ineligible collateral vaults in a single transaction, subsequently exchanged the acquired collateral for arbitrage, and ultimately profited about $912,000 from the protocol governance entity 42DAO.
Balance Coin Plunges Over 99%, 42DAO Allegedly Hit by $915,000 Attack
Odaily Planet Daily reported that the algorithmic stablecoin Balance Coin dropped from $0.9954 to $0.001358, a decline of over 99%. The stablecoin is the native algorithmic stablecoin of the Balance Protocol, designed to maintain a peg to the US dollar. Blockchain security firm PeckShield stated that the depegging occurred following an exploit of the decentralized autonomous organization 42DAO, which governs the Balance Protocol and its BLC token, resulting in a $915,000 loss. TenArmor reported detecting suspicious attacks involving GemJoin and 42DAO on the BNB Chain.
SlowMist: 42DAO exploited due to abnormally low BTCB oracle price, loss of approximately $912,000
SlowMist issued a security warning stating that 42DAO suffered an attack, with losses of approximately $912,000. The attack was caused by the attacker exploiting the abnormally low price of BTCB provided by Median Oracle, completing the exploitation through the poke mechanism of the Spotter contract and the bark mechanism of the Dog contract.