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CoinJie.com reports that another stablecoin, BLC, crashed on July 22, 2026, dropping from $1 to nearly zero. The algorithmic stablecoin is built on BNB Chain. Due to attackers manipulating price oracles, about $912k worth of Bitcoin collateral was drained from the treasury controlled by 42dao, causing its value to lose more than 99%. Security firms PeckShield and SlowMist confirmed the attack within a few hours of the incident.

BNB0.22%
BTC-0.73%
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BondVagabond
· 10h ago
Another algorithmic stablecoin’s coffin lid has been nailed shut.
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LiquidationAlarm
· 11h ago
This round of attack methods isn’t actually new: manipulate oracle price quotes so the contract misjudges the collateralization ratio. But every time, someone still rushes in—greed outweighs common sense. It’s recommended that all stablecoin users first learn how to check on-chain data, and don’t just trust promotional slogans.
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StableDebtHunter
· 11h ago
Projects on BNB Chain are really a minefield. The lesson from the last Terra collapse hasn’t been fully learned yet, and now there’s another BLC. A confirmation report from a security firm has been released, but can the victims get back even a single cent?
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VShapeCatch
· 11h ago
BLC fell from $1 to zero, and retail investors are once again the ones being farmed. The collateral in the liquidity pool is nowhere near enough for hackers to make do with. Are the audit reports just for show again?
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SimTradeTester
· 11h ago
Every crash repeats the same story: algorithmic stablecoins + a single oracle = a timed bomb. PeckShield and SlowMist reacted quickly, but unfortunately the money had already run out.
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