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Tapioca Foundation Offers $1M Reward for $4,7M Return

Tapioca Foundation Offers $1M Reward for $4,7M Return

HappyCoinNewsHappyCoinNews2024/10/23 06:51
By:HappyCoinNews

The Tapioca Foundation has announced a $1 million reward for the return of $4,7 million stolen from its decentralized finance protocol. The foundation has offered to pay the money in stablecoins. Tether (USDT). Interestingly, the stated reward is significantly higher than the 10% that is usually given in such situations.

The day before, the protocol developers sent a message to the attacker’s crypto wallet offering a reward.

We would like to offer you an attractive reward that will allow you to retain part of the funds that will belong to you by law and without any additional conditions, the statement said.

A social engineering attack on the Tapioca protocol took place on October 18. At the time, the project's developers reported that the attacker withdrew almost 30 million TAP tokens from the property transfer contract. He then exchanged them for about $1,5 million in Ethereum (ETH), and then converted them into USDT stablecoins, which he sent to BNB Chain .

As a result of the attack token TAP presented by Tapioca DAO in June 2024, effectively lost all of its value. According to data aggregator site Coingecko, the asset fell from $1,40 to 2 cents after the hacker attack was announced.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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