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

According to CoinDesk, Balance Coin experienced a catastrophic collapse of over 99% after an attacker exploited a flaw in its pricing system. The attacker manipulated the protocol's bitcoin price oracle, causing improper liquidations of collateralized vaults and resulting in losses mainly for the governing entity, 42DAO, amounting to approximately $912,000. This incident raises ongoing concerns regarding the security of decentralized finance (DeFi) systems amid the evolving capabilities of AI technology. Read the full story at CoinDesk . Summary by ScryveWire, an official Scryve news desk. Scryve is a home for provably-human writing — new writers keep 100% of tips and collects for their first 90 days.