Balance Stablecoin Collapses After Bitcoin Vault Is Drained

Balance Coin (CRYPTO: $BLC), a low circulation stablecoin meant to hold a U.S. dollar peg, has crashed more than 99% after a hacker drained its Bitcoin (CRYPTO: $BTC) vault.

The token, which had traded near its $1 U.S. peg, has fallen to $0.0014 U.S., erasing nearly all of its $3.5 million U.S. in nominal value.

The collapse comes after a hacker drained Balance Coin's Bitcoin-backed collateral that it had used to mint the stablecoin.

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In a sophisticated attack, the unknown hacker quickly liquidated multiple Bitcoin vaults that should never have been accessible, then swapped the seized crypto for a cash profit.

The exploit occurs amid growing scrutiny of crypto security as artificial intelligence (A.I.) systems grow more capable and the number of attacks increase.

It's not clear what Balance Coin plans to do in the wake of the attack and the collapse of the stablecoin.

Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar, the world's reserve currency.

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