Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home Incidents

Tapioca DAO Hit by $4.7 Million Hack

October 21, 2024
Reading Time: 2 mins read
in Incidents
Tapioca DAO Hit by $4.7 Million Hack

Tapioca DAO, a decentralized finance (DeFi) protocol, recently suffered a major security breach resulting in the theft of approximately $4.7 million. The attack, characterized as a social engineering incident, was reported on October 18 and has raised significant concerns within the DeFi community. The attacker gained access to the vesting contract for the Tapioca DAO Token (TAP) and the USDO stablecoin, exploiting vulnerabilities that allowed them to claim and liquidate vested TAP tokens. The incident highlights the increasing sophistication of cybercriminals targeting DeFi platforms and the critical need for enhanced security measures.

The details surrounding the hack reveal a troubling scenario. The attacker successfully executed a phishing scheme against a Tapioca co-founder, identified as “Rektora,” who inadvertently downloaded malicious software during an interview process. This malware replaced legitimate transactions with unauthorized ones, enabling the hackers to seize control of sensitive contracts. Following the breach, Tapioca’s team took immediate action, including a public announcement to alert users and the broader crypto community about the attack and its implications.

In a unique response to the hack, Tapioca DAO has offered a $1 million bounty in Tether for the return of the stolen funds. This bounty is described as “significantly higher than the normal 10%” typically offered in similar situations. The offer serves as a strategic attempt to incentivize the attacker to return the remaining $3.7 million, illustrating the protocol’s commitment to recovering lost assets and mitigating the damage caused by the breach. Despite these efforts, the attack has had a profound impact on the TAP token, which has seen its value plummet from around $1.40 to just 2 cents following the incident.

As the investigation continues, the fallout from the attack underscores the vulnerabilities inherent in the rapidly evolving DeFi space. Experts emphasize the importance of robust security protocols and community vigilance to combat the rising tide of cyber threats targeting decentralized platforms. The Tapioca hack serves as a stark reminder for DeFi protocols to prioritize security and implement comprehensive measures to protect user assets and maintain trust within the ecosystem.

Reference:

  • Tapioca DAO has suffered a social engineering attack
Tags: Cryptocurrenciescyber incidentsCyber Incidents 2024Cyber threatsDeFiFinanceOctober 2024Tapioca DAOUSDO
ADVERTISEMENT

Related Posts

Tiffany & Co. Faces Data Breach Incident

Migos IG Hack Blackmails Solana Cofounder

May 28, 2025
Tiffany & Co. Faces Data Breach Incident

Tiffany & Co. Faces Data Breach Incident

May 28, 2025
Tiffany & Co. Faces Data Breach Incident

MathWorks Crippled by Ransomware Attack

May 28, 2025
Semiconductor Firm AXT Hit by Data Breach

Adidas Data Breach Exposes Customer Contacts

May 27, 2025
Everest Ransomware Leaks Coke Staff Data

Everest Ransomware Leaks Coke Staff Data

May 27, 2025
Semiconductor Firm AXT Hit by Data Breach

Semiconductor Firm AXT Hit by Data Breach

May 27, 2025

Latest Alerts

Microsoft Void Blizzard Cyber Threat Alert

Fake DocuSign Alerts Target Corporate Logins

Fake Bitdefender Site Spreads Venom Malware

FBI Warns Luna Moth Targets US Law Firms

Winos 4.0 Malware Spread Via Fake Installers

GhostSpy Android Malware Full Device Control

Subscribe to our newsletter

    Latest Incidents

    Migos IG Hack Blackmails Solana Cofounder

    Tiffany & Co. Faces Data Breach Incident

    MathWorks Crippled by Ransomware Attack

    Everest Ransomware Leaks Coke Staff Data

    Adidas Data Breach Exposes Customer Contacts

    Semiconductor Firm AXT Hit by Data Breach

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial