{"id":31205,"date":"2024-10-19T18:00:31","date_gmt":"2024-10-19T15:00:31","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31205"},"modified":"2024-10-19T16:54:33","modified_gmt":"2024-10-19T13:54:33","slug":"tapioca-dao-thwarts-2-7-million-theft-following-major-exploit","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/tapioca-dao-thwarts-2-7-million-theft-following-major-exploit\/","title":{"rendered":"Tapioca DAO Thwarts $2.7 Million Theft Following Major Exploit"},"content":{"rendered":"

Tapioca DAO<\/strong> successfully prevented the theft of 1,000 ETH, worth approximately $2.7 million, after suffering a major exploit that drained the majority of its funds. The breach, which involved the theft of $4.4 million in cryptocurrencies, is suspected to be linked to North Korean hackers.<\/p>\n

The exploit occurred through a social engineering attack that compromised the private keys of the DAO\u2019s token vesting contract. This allowed the attacker to drain the platform\u2019s funds, leading to a significant crash in the TAP token\u2019s price by over 95%.<\/p>\n

Tapioca DAO Blocks Theft<\/h2>\n

Tapioca DAO,<\/strong> alongside web3 security firm Fuzzland and the emergency response team SEAL911, quickly mobilized to mitigate the damage. They successfully transferred 1,000 ETH to a secure location, protecting these assets from the exploit.<\/p>\n

Despite the swift response, the majority of the stolen funds, which include $2.8 million in USDC and Ethereum drained from the USDO\/USDC liquidity pair, have not yet been recovered. The attacker bridged the stolen funds from Arbitrum to BNB Chain, where they remain. The Tapioca Foundation, in collaboration with several security teams, continues its efforts to recover the remaining assets.<\/p>\n

The attack highlights the growing threat of social engineering in the crypto space, with suspicions pointing to North Korean actors using deceptive methods, such as fake job interviews, to gain access to critical information. These types of scams have become increasingly prevalent, with recent investigations suggesting they are a widespread issue in the cryptocurrency sector.<\/p>\n

Might interest you: What is BabyDoge?<\/a><\/em><\/p>\n

Tapioca DAO has advised all platform users to revoke approvals to its contracts until the exploit is fully resolved. The team remains in active discussions with various entities to recover the stolen funds and stabilize the platform.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Tapioca DAO successfully prevented the theft of 1,000 ETH, worth approximately $2.7 million, after suffering a major exploit that drained the majority of its funds. The breach, which involved the theft of $4.4 million in cryptocurrencies, is suspected to be linked to North Korean hackers. The exploit occurred through a social engineering attack that compromised<\/p>\n","protected":false},"author":6,"featured_media":31206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[105,9047,9049,9048],"class_list":["post-31205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-ethereum","tag-tapioca-dao","tag-tapioca-dao-ethereum","tag-tapioca-dao-hack"],"yoast_head":"\nTapioca DAO Thwarts $2.7 Million Theft Following Major Exploit - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/tapioca-dao-thwarts-2-7-million-theft-following-major-exploit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tapioca DAO Thwarts $2.7 Million Theft Following Major Exploit - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Tapioca DAO successfully prevented the theft of 1,000 ETH, worth approximately $2.7 million, after suffering a major exploit that drained the majority of its funds. 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