Cypher Protocol faced a hack attack. The hacker drained nearly $1 million and so far the Cypher team failed to convince the hacker to return the funds.
Cypher is a decentralized finance (Defi) protocol on the Solana blockchain network. This Defi protocol offers 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 in spot markets, collateralized by USDC, BTC, ETH, and SOL.
Three days ago, a hacker exploited the Cypher Protocol and drained $1,035,203 worth of crypto assets. The stolen crypto assets include 38,530 Solana tokens (SOL) worth about $23 each, as well as $123,184 worth of USD Coin (USDC) at the exchange rate of $1.00.
On 8 Aug 2023, The Cypher Protocol team informed about this incident publicly and confirmed that they are working with some white hat hackers to investigate the incident.
On 9 Aug, The Cypher Protocol urged the hacker to return 90% of the stolen funds & keep 10% and also promised that it will not take any legal action if he will return the funds.
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.
On 8 Aug 2023, We reported that SteaDefi Protocol was exploited & the hacker managed to accumulate nearly 624 ETH.
The SteadDeFi team confirmed that they recovered $418k and now they will trace the hacker’s identity and also initiate legal action against the exploiter.