TAC Official Response to Price Plunge: Team and Early Investors Not Involved in Sell-off

BlockBeats News, July 9th, TAC issued a statement regarding the significant price drop in the past 24 hours, clarifying that the protocol did not suffer an attack, and on-chain assets are secure with normal system operation. The team and early investors were not involved in the sell-off, and related tokens are still in a locked and vesting period with no unlock possibility at this stage. TAC stated that after conducting internal reviews of on-chain and centralized exchange trading data, no minted tokens or malicious behavior were found. The recent drop was primarily triggered by a large perpetual contract sell order in a low liquidity market environment, leading to a cascading liquidation in the perpetual contract market and downward pressure on the spot market. The team announced that they are working on measures to strengthen the market structure, improve liquidity, and restore market confidence, with detailed plans to be announced later this month.

Previously, TAC Protocol (TAC) experienced an extreme event yesterday morning, with a 90% price drop within 15 minutes.