Balance Coin stablecoin loses 99.92% of value in hack

Balance Coin (BLC), a stablecoin designed to maintain a $1 peg, crashed to $0.0012 on Wednesday — a loss of 99.92% of its value. An attacker exploited a flaw in the price oracle, the mechanism that reports collateral values to the protocol. Approximately $912,000 was drained from the system in the exploit.