Solana
Solana DEX Cypher Developer Admits to Stealing and Gambling Funds
Cypher, a decentralized exchange on the Solana blockchain, faced a security breach in August 2023, resulting in a loss of almost $1 million. Developer Hoak confessed on May 14, 2024 to stealing approximately $315,000 from Cypher funds and gambling them. In his public statement on X, Hoak repeatedly admitted similar conduct. This revelation compounds the challenges Cypher faces after the significant security incident and highlights ongoing security and trust issues within the cryptocurrency and DeFi space.