Tapioca DAO Faces Security Breach, Tokens Stolen and Converted to ETH

According to PANews, Tapioca DAO has reportedly experienced a security breach. Monitoring by Cyvers Alerts indicates that the deployment address of Tapioca DAO may have been compromised, and the ownership of the associated lock-up contract has been altered. The new address utilized an 'emergency rescue' function to extract over 21 million TAP tokens, subsequently converting them into 591 ETH. This incident led to a dramatic 93% drop in the value of TAP tokens. The suspicious address then transferred the funds via the Stargate cross-chain bridge to the BNB Chain, where it currently holds approximately $4.7 million in BSC-USD and USDC.