Woofun AI reports that Taiko has disclosed the identification of the root cause behind a recent security incident targeting its ERC20 Vault on Ethereum. The breach resulted in financial losses exceeding $1 million, prompting the immediate establishment of a comprehensive remediation plan to securely restore blockchain operations.

The project team has indicated that addressing issues for affected users will be the primary focus during the recovery phase.

Concurrently, Taiko plans to collaborate closely with the DAO Council to ensure transparent governance oversight throughout the remediation process.