TAC Protocol token plunges after 18 wallets sell 372 million on BSC

TAC Protocol’s token remained under pressure after a trading session in which it lost roughly 90% of its value, with the project saying the move was caused by a liquidation cascade in perpetual futures markets rather than a hack or insider selling. In a July 8 statement, TAC said the protocol was operating as designed, on-chain assets remained secure, and neither team nor early-investor holdings moved because they are still under vesting locks. On-chain analyst EmberCN disputed that framing, saying 18 wallets bridged about 372 million TAC from the TAC chain to BNB Chain and sold the tokens for 1.78 million USD1, contributing to a roughly 91% drop from about $0.05 to $0.0045. TAC, which traded around $0.065 at the end of June, was recently changing hands near $0.0026, down about 96%, with a market capitalization above $12.2 million and total value locked on the TAC chain around $1.27 million, according to DefiLlama. The selloff follows earlier turbulence for the project, including an 82% one-day drop and a May 11 bridge exploit later reclassified as a white-hat incident after about 90% of the $2.8 million taken was returned.