TesseraDAO Suffers $2.5 Million Exploit Following Ownership Takeover Attack

TL;DR:

• The attacker illicitly minted 99 million TSR tokens after gaining ownership control of the contract.
• The massive sale of the tokens generated bearish pressure that crashed the price of TSR by 99% on the BNB Chain.
• The stolen funds, estimated at $2.5 million, were converted to USDT, transferred to Ethereum, and sent to Tornado Cash.

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In the last 24 hours, it was reported that the TesseraDAO project suffered a security exploit on the BNB Chain network, resulting in the loss of $2.5 million dollars. The incident occurred following a breach in the ownership access of the smart contract.

The report from the blockchain security firm Specter indicates that the hacker managed to exploit the protocol’s permissions to issue a large amount of assets without prior authorization.

The analysis firm reported that the attacker generated a total of 99 million TSR tokens. Immediately after minting, the assets were dumped onto the computerized market, causing an instant imbalance in the automated liquidity pools.

This massive liquidation exerted severe pressure on the digital asset’s price. According to on-chain monitors, the price of TSR experienced a 99% collapse in value following the execution of the massive sale.

Asset Transfer and Fund Laundering

Transaction tracking identified the wallet address 0x2201037A1755eC48eC5f00Fea21A10A9E56f2Dd8 as directly responsible for the illicit issuance. Verification systems indicate that this account centralized both the token generation and its subsequent conversion within the decentralized financial ecosystem.

Specter revealed that the exploiter swapped the TSR tokens for an approximate sum of 2.5 million USDT. However, other independent assessments placed the net value obtained closer to $2.4 million dollars at the time of processing.

A project on BNB Chain, @TesseraDao , has been exploited. The attacker minted 99M $TSR and dumped the tokens for $2.4M.

As a result, $TSR plunged 99%.

The attacker has already has deposited them into Tornado Cash.

Theft address:
0x2201037A1755eC48eC5f00Fea21A10A9E56f2Dd8… pic.twitter.com/ZMF1UETxlh

— Specter (@SpecterAnalyst) June 2, 2026

Once the swap for the stablecoin was finalized, the attacker used interoperability bridges to transfer the capital to the Ethereum network. This maneuver diverted the financial flow away from the original BNB Chain network.

Audit records show that the perpetrator began moving the funds into the privacy protocol Tornado Cash in fractional amounts. Technical reports from Specter indicate that the attacker has already processed a total of 1,285.5 ETH through this transaction-mixing tool.

Official documentation of the case shows that tracking will now depend on cross-chain record matching, while the community awaits a public statement from the TesseraDAO development team.