Algorithmic stablecoin Balance Coin plunges 99% after 42DAO exploit, loses dollar peg

Balance Coin (BLC), an algorithmic dollar stablecoin, plunged more than 99% after losing its dollar peg following an exploit at 42DAO. According to CoinMarketCap, BLC was trading at $0.001412, down 99.85% over the past 24 hours. Blockchain security firm PeckShield said on X, "42DAO suffered a $915,000 exploit and the drop followed." BLC’s market capitalization was only about $3.51 million before the depegging, suggesting the broader market impact is likely to be limited.