TechFlow News, July 9, according to official announcement, TAC issued a statement regarding the significant price drop over the past 24 hours, stating that the protocol was not attacked, on-chain assets are secure, and the system is operating normally; the team and early investors did not participate in the sell-off, relevant tokens remain within the lock-up and vesting period, and there is no possibility of unlocking at this stage.
TAC stated that following an internal review of on-chain and centralized exchange trading data, no token minting or malicious behavior was found. This decline was primarily triggered by a large perpetual contract sell order amidst thin market liquidity, subsequently causing a cascade of liquidations in the perpetual contract market and transmitting selling pressure to the spot market. The team stated they are developing measures to strengthen market structure, enhance liquidity, and restore market confidence, with specific plans to be announced later this month.
Previously, TAC Protocol (TAC) experienced extreme market conditions early yesterday morning, plummeting 90% within 15 minutes.
