The DeFi protocol Tapioca DAO suffered a major attack, during which the hacker withdrew 28 million TAP tokens from the smart contract. These tokens were exchanged for 1600 ETH, then converted into the stable coin USDT and transferred to Binance Smart Chain through the Stargate bridge.
The mass sale of tokens led to their price collapsing from $1.43 to $0.05, representing a 96% loss in value.
The attack began with a phishing hack of founder 0xRektor, which allowed the attacker to gain access to the tokens. The Tapioca DAO team has contacted the police and is cooperating with Binance in an attempt to recover the stolen funds.
