New York, Monday, October 28, 2024 – Tapioca DAO averted the theft of 1,000 ETH, valued at $2.7 million, after a major exploit that drained most of its funds, reports said last week
Reports said that the attacker, possibly linked to North Korean hackers, used social engineering to gain access to private keys, leading to the loss of $4.4 million in various cryptocurrencies.
The exploit caused a sharp drop in the TAP token price, with the token plummeting by over 95%. The hacker compromised the vesting contract and sold 30 million vested TAP tokens, originally valued at $1.40, which are now worth less than $0.04. Along with TAP tokens, the attacker also drained USDO stablecoin contracts, stealing $2.8 million in USDC and $1.57 million in ETH.
The stolen funds were converted into ETH and USDT and bridged from Arbitrum to the BNB Chain, where they remain.
The Tapioca DAO team, alongside security firms like Fuzzland and the emergency response group SEAL911, is working to recover the remaining assets. In an emergency maneuver, the team moved 1,000 ETH to a secure multisig vault before the hacker could access it.
Despite these efforts, the majority of the stolen funds have not yet been recovered. Tapioca DAO’s treasury currently stands at $4.2 million.
The DAO has advised users to revoke all approvals to its contracts until the compromise is fully resolved.
