TAC team attributes price drop to futures liquidations amid low liquidity

The TAC Protocol (TAC) team has attributed the recent sharp drop in its token price to the impact of futures liquidations amid low liquidity. In a statement on X, the project clarified that the protocol was not hacked and that all on-chain assets and systems are operating normally. The team also stated that neither they nor early investors were involved in the sell-off, as their tokens remain locked under vesting schedules. They believe that large-scale selling of perpetual futures led to a cascade of liquidations, which in turn exerted downward pressure on the spot market. The team announced it will release plans to improve liquidity and restore trust in the future.