Cypher Protocol suffered a hacking attack. The hacker has drained almost $1 million and so far the Cypher team has failed to convince the hacker to return the money.
Cypher is a decentralized finance (Defi) protocol on the Solana blockchain network. This Defi protocol provides margins using Open Books order books and using the asset agnostic order book (AOB) to maximize price discovery. There are some other features of this protocol. For example, margin trading on spot markets, backed by USDC, BTC, ETH and SOL.
Three days ago, a hacker abused the Cypher Protocol and emptied $1,035,203 worth of crypto assets. The stolen crypto assets include 38,530 Solana Tokens (SOL) worth approximately $23 each, as well as $123,184 worth of USD Coin (USDC) at an exchange rate of $1.00.
On August 8, 2023, the Cypher Protocol team publicly informed about this incident and confirmed that they are working with some white hat hackers to investigate the incident.
On August 9, The Cypher Protocol urged the hacker to return 90% of the stolen money and keep 10% and also promised that it would not take legal action if he returned the money.
Today, the Cypher Protocol team extended the deadline for the hacker to return the funds by another 24 hours and also confirmed that the hacker is in contact with the team.
SteaDefi protocol
On August 8, 2023, we reported that the SteaDefi protocol was being abused and the hacker was able to collect nearly 624 ETH.
The SteadDeFi team has confirmed that they have recovered $418,000 and now they will find out the identity of the hacker and also take legal action against the exploiter.
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