42DAO Stablecoin BLC Depegs to $0.001 After $912K Oracle Hit
- Stablecoin
- DeFi
Balance Coin (BLC) from the MakerDAO fork 42DAO collapsed 99 percent after an oracle manipulation drained roughly $912,000. The dollar-pegged stablecoin traded at $0.0013 following the exploit on July 22. CT noted the rapid death spiral of yet another oracle-dependent stable.
Incident Details
- Type
- ORACLE MANIPULATION
- Funds Lost
- $912K
- Status
- Total loss
Token value near zero, protocol under scrutiny