Deep Tide TechFlow news: On July 22, according to CoinDesk, the algorithmic stablecoin Balance Coin suffered an oracle price manipulation attack on July 22. The coin price, which was nearly pegged to $1, plunged to approximately $0.0014, a drop of more than 99%. Its nominal market cap of about $3.5 million nearly went to zero.

According to security firm SlowMist’s analysis, the attacker bypassed price reasonableness checks and the liquidation delay mechanism by feeding the protocol a fabricated Bitcoin price that was abnormally low. In a single transaction, they batch-forced the liquidation of multiple collateral asset vaults that did not meet the conditions, and then converted the obtained collateral to execute arbitrage. Ultimately, they earned approximately $912,000 in profit from the protocol’s governance entity, 42DAO.