30s Summary

Tapioca Foundation is offering $1 million in Tether to the individual who stole $4.7 million from their digital finance system in a “social engineering attack”. The attack resulted in 591 Ether (ETH) and $2.8 million in USD Coin (USDC) being transferred to the hacker. Tapioca has since recovered 1,000 ETH, valued at roughly $2.7 million. The aftermath of the hack saw the value of Tapioca’s TAP token drop from around $1.40 to two cents.

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Tapioca Foundation, has offered a cool million to the person who managed to nab $4.7 million from its digital finance system in a sneaky trick they’re calling a “social engineering attack” – which is fancy talk for some pretty dodgy hacking activity.

They’re saying to the thief, “Hey, how about a sweet deal? You get to keep some of the money and we’ll consider it all above board.” The message went out to the hacker’s digital wallet.

They’re offering up $1 million in Tether (USDT) – a type of cryptocurrency – which they say is way more than the usual 10% typically offered in situations like these. And what they want in return? The remaining $3.7 million they’d nicked.

Tapioca reported they got hit with a “social engineering attack”, where 591 Ether (ETH) and $2.8 million of another type of crypto, USD Coin (USDC), wound up in the hacker’s pocket.

Turns out, this hacker mananged to mess with the ownership of two digital coins associated with Tapioca. They were able to claim and sell Tapioca’s own special token (TAP) and create an endless supply of the USDO coin, draining a pool of USDO and USDC while they were at it.

Matt Marino, big wig at Tapioca, spilled some beans on the company’s Discord, explaining that their mate “Rektora” had been duped. Something dodgy went down during an interview process and some crafty software swapped transactions. That’s how these nasty folks got their hooks into the contracts.

Later on, Marino had some news to share: they’d managed to turn the tables and hack the hacker, getting their hands back on 1,000 ETH, which is about $2.7 million. That was a big chunk of the amount backing the USDO coin in a liquidity pool.

In the sneaky hack, close to 30 million TAP tokens got drained from the contract, swapped for $1.5 million in ETH, which got changed into USDT and shipped off to the BNB Chain. That’s where it’s all sitting at the moment.

To say Tapioca has taken a hit would be an understatement. The TAP token has pretty much tanked. At the moment, it’s worth about two cents, down from around $1.40. Not a great day at the office.

Source: Cointelegraph