DeFi Protocol AFX Loses $24 Million in Hack, Sending Balance Coin Stablecoin Down 99.9%.

AFX Breach Sparks Market Turmoil

According to Мінфін — Крипто/Фінанси: On July 22, 2026, a hacker breached the decentralized finance protocol AFX, stealing roughly $24.15 million in USDC stablecoins. The attacker moved the funds to the Ethereum network, converting them into 12,467.5 ETH. The incident triggered a catastrophic collapse for the algorithmic stablecoin Balance Coin (BLC), which plunged 99.9% following the breach announcement. Losses tied directly to the Balance Protocol are estimated between $912,000 and $915,000.

XRP Whale Transfers Drop, Galaxy Pushes Quantum Defense

Meanwhile, transfer volumes from major XRP holders—often called "whales"—have declined. On Binance, the volume of XRP transfers has slipped to 947.4 million XRP, prompting analysts to warn of a potential shift in price trends.

In response to mounting crypto threats, Galaxy has announced plans to allocate up to $5 million to protect Bitcoin from emerging quantum computing risks. This move underscores the growing urgency around digital asset security as new vulnerabilities continue to surface.

This AFX hack is yet another reminder of how vulnerable decentralized finance systems can be, and it may push investors to rethink their security strategies. — Source unknown

The drop in XRP whale transfers may also signal that market participants are becoming more cautious in light of recent events. Galaxy's initiative to shield Bitcoin from quantum threats shows that companies across the industry are actively working to strengthen product security, aiming to reduce risks tied to evolving technologies and new types of attacks.