Landian News Technology
Algorithmic Dollar Stablecoin BLC Depegged After Oracle Manipulation, Price Drops from $1 to Near Zero, Investors Suffer Heavy Losses
#Cryptocurrency BLC, a dollar algorithmic stablecoin, depegged after oracle manipulation, with its price falling from $1 to $0.0008, effectively dropping to zero. This BLC depeg stemmed from a vulnerability in the protocol: attackers wrote artificially suppressed collateral prices into the system, while the protocol neither compared the prices against external markets nor set up adequate price deviation protection mechanisms. After the attack, the protocol directly liquidated collateral according to its process, allowing attackers to obtain a large amount of collateral. Full article: https://ourl.co/114041