42DAO's Balance Coin algorithmic stablecoin crashes after $912,000 theft

Balance Coin, a small algorithmic stablecoin built on BNB Chain, lost its dollar peg and crashed to fractions of a cent after an attacker successfully exploited a flaw in its pricing logic. The attacker was able to trick the system into accepting an incorrectly low bitcoin price, which they then used to drain multiple vaults used by the project's lending protocol.The attacker ultimately profited by about $912,000, consisting of funds stolen from 42DAO, the entity that runs the Balance protocol. "Balance stablecoin collapses 99% after $1 million exploit drains its bitcoin vaults" , CoinDesk