Balance stablecoin collapses 99% after $1 million exploit drains its bitcoin vaults
CoinDesk·
60-second summary
A stablecoin's lending system is collapsing 99% after a $1 million exploit drained its bitcoin vaults, with an attacker feeding the system a fake, abnormally low bitcoin price, liquidating vaults that should have been safe, and pocketing the difference in a single transaction, highlighting vulnerabilities in decentralized finance and the need for enhanced security measures, potentially impacting investor confidence in…
An attacker fed the lending system a fake, abnormally low bitcoin price, liquidated vaults that should have been safe, and pocketed the difference in a single transaction.