Balance Coin collapses 99% after $915K 42DAO exploit

Balance Coin collapsed by more than 99% after a 42DAO exploit, with about $915,000 drained and 4.5 million plus 5,900 BLC minted from a null address, then swapped for USDT and BTCB on PancakeSwap to deplete liquidity and loosen the peg. Security firms pin the breach to 42DAO vulnerabilities, underscoring the fragility and risk of algorithmic stablecoins and governance-controlled systems, though officials expect limited systemic contagion.