Balance coin algorithmic stablecoin suffers 99% collapse after $915K exploit – Link

Balance Coin depegged from around $0.9954 to $0.001358 after a suspected security incident on BNB Chain affecting 42DAO. PeckShield and TenArmor flagged suspicious activity involving GemJoin and 42DAO.

Matters because: it highlights the fragility of algorithmic stablecoin design and the need for stronger governance security.