Balance Coin (CRYPTO: $BLC), a low circulation stablecoin meant to hold a U.S. dollar peg, has crashed more than 99% after a hacker drained its Bitcoin (CRYPTO: $BTC) vault.
The token, which had traded near its $1 U.S. peg, has fallen to $0.0014 U.S., erasing nearly all of its $3.5 million U.S. in nominal value.
The collapse comes after a hacker drained Balance Coin's Bitcoin-backed collateral that it had used to mint the stablecoin.
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The token, which had traded near its $1 U.S. peg, has fallen to $0.0014 U.S., erasing nearly all of its $3.5 million U.S. in nominal value.
The collapse comes after a hacker drained Balance Coin's Bitcoin-backed collateral that it had used to mint the stablecoin.
More From Cryptoprowl:
MEXC Reports 7.1 Billion USDT in ******* eX Futures Volume as Q2 Closes the Gap to Wall Street
#balance #hacker #coin #reports
17 days ago
