TAP Price Falls by 96% as Tapioca DAO Suffers $4.5 Million in Hack

The post TAP Price Falls by 96% as Tapioca DAO Suffers $4.5 Million in Hack appeared first on Coinpedia Fintech News

The Tapioca DAO has recently lost $4.5 million to a crypto hack; the consequence of which has been a 96.9% drop in the value of the TAP token. The hacker took advantage of the five vesting and stablecoin smart contracts in the DAO to siphoned 30 million TAP tokens. TAP for instance reduced its price from $1.50 to $0.04636. In the course of the recovery, the DAO was finally able to acquire possession of the 1,000 ETHs worth $2.7 million that were moved into a multi-sig wallet. Tapioca DAO has not stopped its investigation into the incident and has recommended that users refrain from transacting in contracts until they are informed otherwise.