Crypto▼ Bearish
Balance Coin (BLC) Crashes 99% After Suspected Minting Exploit
Balance Coin (BLC) fell 99% after an attacker minted 4.5M tokens via 42DAO and GemJoin on BNB Chain. PeckShield estimates $915k lost.
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Balance Coin (BLC) lost more than 99% of its value on July 22 after a suspected exploit allowed an attacker to mint millions of tokens on BNB Chain. The algorithmic stablecoin, designed to hold near $1, fell to an all-time low of $0.001209.
Blockchain security firm PeckShield estimated the attack cost roughly $915,000. TenArmor, another security outfit, reported two suspicious transactions tied to GemJoin and 42DAO, the decentralized organization behind the Balance Protocol ecosystem.
On-chain data shows the first transaction created about 4.5 million BLC tokens from a null address. The attacker moved those tokens to PancakeSwap V2 and swapped them for Binance-pegged USDT (BSC-USD) and Binance Bitcoin (BTCB). A second transaction minted an additional 5,900 BLC roughly two hours later, using the same method to drain more liquidity from the decentralized exchange.