The attack allowed the exploiter to liquidate multiple Bitcoin-backed vaults before swapping the assets for profit. Update July 22 at 4:37 am UTC: The article has been updated to include additional information from Slowmist about the exploit method. Balance Coin, an algorithmic stablecoin designed to maintain a peg to the US dollar, has fallen more than 99% following a reported exploit. The stablecoin, the native algorithmic stablecoin of Balance Protocol, is trading at $0.001358 at the time of writing, down from $0.9954, according to CoinMarketCap. Read more