Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Tapioca DAO prevents 1,000 ETH worth $2.7 million from being stolen by an exploit that drains most of the funds.
ADOPTION NEWS

Tapioca DAO prevents 1,000 ETH worth $2.7 million from being stolen by an exploit that drains most of the funds.

By Crypto FlexsOctober 18, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Tapioca DAO prevents 1,000 ETH worth .7 million from being stolen by an exploit that drains most of the funds.
Share
Facebook Twitter LinkedIn Pinterest Email

Tapioca DAO suffered a massive exploit that caused the TAP token price to drop by more than 95%. About $4.5 million worth of cryptocurrency was stolen, but the team said they were in the process of recovering the funds with help from web3 security company Fuzzland and others.

“All current users of the Tapioca DAO platform are advised to revoke their contract authorizations until the recent compromises are resolved. If you have any issues deauthorizing them, please contact website support,” the Tapioca Foundation said in an

According to the foundation, the attackers were able to compromise the USDO stablecoin contract as well as the token’s vested contract, giving them access to sell 30 million vested TAP tokens, which are now worth less than $0.04, up from about $1.40 at the time. I was able to.

The attackers ended up with a total of $4,405,600, including $1,575,606 of ETH and 2.8 million USDC drained from the USDO/USDC liquidity pair. The stolen funds were exchanged for ETH, USDT and then linked from Arbitrum to the BNB chain, where they remain as of press time.

Tapioca is a decentralized money market protocol based on LayerZero for borrowing cryptocurrencies across multiple blockchains. It uses a stablecoin called USDO and Tapioca Omnichain Fungible Tokens (TOFT) to allow users to move wrapped assets between networks.

According to Fuzzland, the attackers likely obtained the private keys through social engineering. On Discord, Tapioca co-founder Matt Marino said he was contacted by Discord member 0xRektora saying his friend had been hired, which tricked him into lowering his guard enough to connect the hardware wallet the attacker used to take ownership of the TAP.

“North Korea will always be the garbage collector here,” Fuzzland echoed Zach

These attacks are “the result of fake job scams,” in which North Korean actors pose as interviewees or suppliers to gain inside access or information needed to steal funds, ZachXBT said. There have been many anecdotes and recently CoinDesk Research suggests that these types of “contagious interview” scams are widespread and a growing problem across cryptocurrencies.

Would you like to recover your funds?

“We are working in our war room, coordinating with the individuals and organizations needed to move forward and will communicate further action once the situation is under control,” the foundation said.

Tony, a security engineer at Fuzzland and member of the volunteer emergency response team SEAL911, was one of the members of the war room and helped recover some of the funds that went unnoticed by the hackers, he told The Block. .

According to Discord’s Marino, the organization moved 1,000 ETH, worth about $2.7 million, from its vaults to a secure location, the DAO multisig. “1000 ETH was DAO collateral within Big Bang Origins to mint USDO for USDO/USDC LPs,” he added.

“The team attempted to rescue these assets by first approving Multicall, which allows anyone to seize these assets. Fortunately, no one noticed and they were still able to rescue these assets,” Chaofan Shou, co-founder of Fuzzland, told The Block. “He said.

However, response teams have yet to recover the stolen assets. The DAO’s funding currently stands at $4.2 million, Marino said.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025
Most Popular

Bitget Invests in Morph in Multi-Million Dollar Deal

December 11, 2023

World Coin (WLD) investigated by Korea Personal Information Protection Commission

March 4, 2024

Ripple (XRP) Price Correction: How Long Will the Downtrend Last?

April 10, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.