Decentralized money market protocol Tapioca DAO experienced a security breach on October 18, resulting in its native TAP token losing over 90% of its value. The breach involved unauthorized changes to the vesting contract's ownership, allowing an attacker to withdraw more than 21 million TAP tokens and exchange them for 591 ETH, causing the token's value to crash. The attacker also bridged some of the stolen assets to BNB Chain. The estimated total losses from the breach range from $16.9 million to $38 million. Following the attack, users have been warned of phishing attempts impersonating Tapioca DAO and urging them to revoke their accounts. It is speculated that this hack may be part of a larger operation involving other projects and potentially connected to state-sponsored threat actors from North Korea, although no conclusive evidence has been found. Tapioca DAO has not yet made a public statement regarding the breach.



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