Tapioca DAO’s TAP token suffered a devastating 96% value crash after a hacker stole 28 million TAP tokens by phishing co-founder 0xRektora. The hacker sold the tokens for $1.6 million in Ether and converted it to USDT, crashing TAP’s price from $1.43 to $0.05. The funds were transferred to BNB Chain via the Stargate bridge. Tapioca DAO is working with security experts and authorities to address the breach. This is part of a trend of recent DeFi phishing attacks, including Radiant Finance’s $53 million loss.
| TAP Token Crashes 96% | A phishing attack on Tapioca DAO co-founder resulted in a massive token sell-off, dropping TAP’s value by 96%. |
| 28 Million TAP Tokens Stolen | Hacker swiped 28 million TAP tokens, swapping them for $1.6 million in Ether and later converting to USDT. |
| Security Breach | The attack was triggered when the co-founder, 0xRektora, fell victim to phishing, leading to unauthorized access to the tokens. |
| Investors Impacted | The large sell-off caused significant financial losses to investors, leaving the project in damage control mode. |
| Ongoing Investigations | The team is working with SEAL911, Binance, and authorities to address the situation. |