Tumblr didn't say it was hacked. They didn't say that any data was lost nor did they say that that there is any reason for concern. They did, however, tell all iOS app users to download the new version with a "very important" security update.
Oh, and they also told everyone to change their password on the app as well as any other accounts that have the same password.
According to a quick blog post:
If you’ve been using these apps, you should also update your password on Tumblr and anywhere else you may have been using the same password. It’s also good practice to use different passwords across different services by using an app like 1Password or LastPass.
Airplane
Android app users seem to be safe as of now. Tumblr was purchased by Yahoo last month for $1.1 billion.
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