TAC plunges over 90% in 15 minutes after Binance Alpha listing
TAC said no hack occurred and no tokens were minted, attributing the collapse to a large perpetual futures sell order in thin liquidity that triggered cascading liquidations; team and early supporter tokens remain locked.
TAC said its protocol was not attacked and on-chain assets remain safe after an internal review found no token minting or malicious activity in on-chain and centralized exchange data. The team said the more than 90% drop within 15 minutes was mainly triggered by a large perpetual futures sell order in thin liquidity, setting off cascading liquidations that spilled into spot markets. TAC also said neither the team nor early supporters sold tokens, and that those holdings remain fully locked with no unlock process started. Earlier monitoring cited by BlockBeats said 18 wallet addresses sold a combined 372 million TAC for about $1.78 million, highlighting how weak liquidity, concentrated selling and forced unwinds can amplify volatility. TAC said it is studying measures to strengthen market structure and deepen liquidity, with details expected later this month.
- perpetual futures: Crypto derivatives contracts that track an asset's price without an expiration date and can amplify moves through leverage and liquidations.
- cascading liquidations: A chain reaction in which forced position closures push prices further, triggering additional liquidations.
- spot market: The market where an asset is bought or sold for immediate delivery rather than through derivatives.