Tapioca DAO suffered a devastating breach that resulted in the loss of approximately $4.5 million in digital assets. It was reported that the crypto attack was initiated by social engineering method, and the platform’s TAP token lost 96.90% of its value. This security incident put pressure on the DAO’s ecosystem and users.
Details of the Hack
According to the statements made, the crypto attack targeting Tapioca DAO caused a loss of $ 4.5 million in crypto money. Using the DAO’s vesting contract and the USDO stablecoin contract, the attacker gained access to 30 million TAP tokens, which were worth approximately $1.40 before the attack. These tokens are now worth less than $0.04 and were quickly sold off, causing a massive drop in the value of the token.
In total, the attacker walked away with $4.4 million. This amount includes USDC worth $2.8 million and Ethereum worth $1.57 million. 
$2,647 contained; these were converted to USDT and transferred to Binance Smart Chain. As a result of this attack, the TAP price dropped from $1.50 to $0.046 in just 24 hours and trading volume increased by 12,916%.
Recycling Studies
Following the crypto attack, Tapioca DAO took immediate action to recover some of its funds. The team moved 1,000 ETH in the vault to a secure multisig wallet with a value of $2.7 million. These funds were part of the collateral used under the DAO’s Big Bang Origins project and were critical to preventing further losses.
As part of preventive measures, Tapioca Foundation also warned users:
“Beware of misinformation, scam links, and do not interact with any Tapioca contracts or tokens until more information is provided.”
The rapid response was made possible thanks to collaboration with web3 security firm Fuzzland and volunteer emergency response team SEAL911. By securing these assets, Tapioca DAO was able to preserve some of its assets despite financial losses.
While recovery efforts continue, the Tapioca DAO team urged users to wait for official announcements and plans:
“Please wait for the official announcement, Report and TAP Token Plan; will be the ‘source of truth’ for all details regarding this matter. Otherwise, everything stated should be taken as speculation or misinformation. Please do not continue to interact with any Tapioca contracts, especially token contracts, even through AMMs.”
This attack experienced by Tapioca DAO once again demonstrated the importance of security measures in the cryptocurrency market. It was emphasized that users should be more careful to protect their digital assets and that platforms should strengthen their security protocols. In the ongoing course of the incident, it is important to wait for official statements in order to inform the public correctly and minimize the damages.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
