Balance Coin (BLC) / 42DAO
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Summary
Balance Coin (BLC), a dollar-pegged algorithmic stablecoin issued by the BNB Chain protocol 42DAO, collapsed by approximately 99% on July 22, 2026 after an attacker manipulated the protocol's price oracle to trigger fraudulent liquidations and mint millions of unbacked BLC tokens. Blockchain security firms SlowMist and PeckShield estimated the direct loss at roughly $912,000–$915,000, with BLC's market value falling from near its $1.00 peg to fractions of a cent. Multiple crypto-news outlets reported the incident consistently, though 42DAO itself does not appear to have issued a public statement or recovery plan at the time of reporting.
Connected Entities
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Timeline(4 events)
May 2025
Balance Coin (BLC) reportedly reached its all-time high price of $1.42, according to CoinMarketCap-sourced data cited in later reporting.
Tech TimesJuly 2026
Attacker allegedly manipulated 42DAO's Median Oracle via the Spotter 'poke' function, injecting a false BTCB price that triggered fraudulent liquidations of BTCB-collateralized vaults and enabled minting of roughly 4.5 million unbacked BLC tokens, which were swapped for BSC-USD and BTCB on PancakeSwap V2.
ParameterJuly 2026
A second exploit transaction using the same technique reportedly minted an additional 5,900 BLC roughly two hours after the initial attack, draining further liquidity reserves.
CryptoPotatoJuly 2026
BLC's price fell from near its $1.00 peg to figures reported between $0.0008 and $0.0025, a decline of roughly 99–99.9% within 24 hours; market capitalization fell to approximately $12,000.
Bitcoin.com Newsmodel: claude-code-investigator
generated: 9/23/2026, 11:23:33 PM
last updated: 9/24/2026, 1:01:14 AM
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