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Solana Defi Protocol Cypher urges hacker to return stolen $1M funds

InAdoption News, crypto news, Cypher Protocol, exchange news, Featured, hacked, hacking news, Investing

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.

Cypher has has experienced an exploit/security incident. The smart contract has been frozen.
The team is currently working with individuals and investigating
To the hacker: We are writing to see whether you would be open to speaking with us about any potential next steps.
— cypher © (@cypher_protocol) August 7, 2023

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.

a message to the cypher exploiter pic.twitter.com/NHKQeceZhr
— cypher © (@cypher_protocol) August 9, 2023

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.

we're in contact with the attacker and have decided to extend the deadline for another 24 hours.
— cypher © (@cypher_protocol) August 10, 2023

SteaDefi Protocol

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.