TAC Says No Hack or Insider Selling After 91% Token Drop Triggered by Large Perpetual Sell Order

TAC, a Layer 1 blockchain project, said its token’s sharp decline over the past 24 hours was not caused by a hack, insider selling, or token minting, and attributed the move to derivatives-driven selling that spilled into spot markets. According to Foresight News, TAC said an internal review found no evidence of additional token issuance or malicious activity. TAC said the team and early supporters did not participate in selling, and that related tokens remain fully locked and have not begun unlocking. It said the price drop was triggered by a large perpetual futures sell order, which then led to a cascade of liquidations in the perpetual market and increased spot selling pressure. The project said it will announce specific measures later this month aimed at strengthening market structure, increasing liquidity, and rebuilding confidence. In an earlier update, Foresight News reported that monitoring by Yu Jin showed 18 wallet addresses sold TAC on-chain, with TAC falling 91% from $0.05 to $0.0045. The report said the wallets sold a combined 372 million TAC in exchange for 1.78 million USD1. The report added that the tokens were bridged from the TAC chain (native chain) to the BSC chain and then sold on the BSC chain.