Unauthorized-Mint Exploit Drains 42DAO of $915,000 and Collapses Balance Coin

The attack on a BNB Chain governance contract minted Balance Coin without authorization, part of a series of DeFi incidents tracked over recent weeks.

Balance Coin, an algorithmic stablecoin designed to hold a one-dollar peg and backed largely by Bitcoin Cash, fell more than 99 percent after an attacker exploited 42DAO, the governance entity for the Balance protocol, on BNB Chain. Securit…