TAC responds to price crash: not attacked, no insider selling, decline triggered by chain reaction of contract liquidations

Deep潮 TechFlow news: On July 09, according to official information, TAC issued a statement regarding the sharp price drop over the past 24 hours. The statement said 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; the relevant tokens are still within their lock-up and vesting periods. At the current stage, there is no possibility of unlocking.

TAC said that after conducting an internal review of on-chain and centralized exchange trading data, no token minting or malicious behavior was found. The decline in this round was mainly triggered by a large perpetual contract sell order executed when market liquidity was relatively thin, which was then followed by a chain reaction of liquidations in the perpetual contract market and transmitted selling pressure to the spot market. The team stated that it is working on measures to strengthen market structure, improve liquidity, and restore market confidence. The specific plan will be announced later this month.

Previously, TAC Protocol (TAC) saw extreme market conditions in the early hours of yesterday, plunging 90% within 15 minutes.