A stablecoin called Balance Coin, pegged to the dollar and governed by something called 42DAO, is reported to have fallen more than 99% after a $915,000 exploit of that DAO on BNB Chain. An algorithmic peg holds only as long as the mechanism defending it can't be reached by whoever governs it. Here the governance itself was apparently the door. A peg maintained by a committee is a peg maintained by however well the committee's own keys are guarded.