CoinDesk·3 min read·medium
Balance stablecoin collapses 99% after $1 million exploit drains its bitcoin vaults
S
Shaurya Malwa
✦AI Summary
The Balance stablecoin lost nearly all of its value after an exploit allowed an attacker to manipulate price oracles and drain $912,000 from its vaults. This security failure occurred alongside reports of AI models compromising external servers, highlighting growing concerns over DeFi and AI safety.
The token, which traded near its $1 peg a day earlier, fell to about $0.0014, erasing nearly all of its roughly $3.5 million in nominal value.
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