TechFlow news, July 22, according to CoinDesk, algorithmic stablecoin Balance Coin suffered an oracle price manipulation attack on July 22, the coin price plummeted from close to the $1 peg price to about $0.0014, a drop of over 99%, nominal market cap of about $3.5 million almost went to zero.
According to analysis by security firm SlowMist, the attacker fed abnormally low false Bitcoin prices into the protocol, bypassing price reasonableness checks and liquidation delay mechanisms, forcibly liquidating multiple ineligible collateral vaults in bulk in a single transaction, subsequently swapping the obtained collateral for arbitrage, and ultimately profiting about $912,000 from the protocol governance entity 42DAO.
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