Cypher, a Solana-based Decentralized Crypto Exchange, Falls Victim to a Hack Attack - COINTURK NEWS
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Cypher, a Solana-based Decentralized Crypto Exchange, Falls Victim to a Hack Attack

9:15 am (45 days ago)
August 8, 2023

Another hack attack has shaken the world of cryptocurrencies. The crypto community is discussing a new hack attack targeting one of the projects in the sector. Solana-based decentralized crypto exchange, Cypher, has suffered a hack attack or security vulnerability, resulting in a loss of nearly $1 million in funds and the freezing of the protocol’s smart contract.

Efforts to Identify the Hacker Behind the Attack

Cypher, a Solana-based decentralized crypto exchange, has become the target of a hack attack, resulting in the theft of nearly $1 million from the protocol. The smart contract of the protocol is currently frozen as the team tries to establish communication with the hacker to discuss the refund of contributors’ funds.

In a statement regarding the hack attack, Cypher stated, “Cypher has fallen victim to a hack attack/security vulnerability. The smart contract has been frozen. The team is currently conducting a comprehensive investigation into the matter.” The hacker responsible for the attack was also urged to refund the funds.

A Call to the Hacker from the Decentralized Crypto Exchange

In a call to the hacker, the decentralized crypto exchange stated, “We would like to know if you are open to discussing possible next steps.”

One of Solana Blockchain’s Fastest Growing Protocols

Cypher was one of the fastest growing protocols on the Solana Blockchain, partly due to its loyalty program that rewarded deposit holders and investors with points believed to be intended for an AirDrop. Therefore, the protocol’s hacking came as a shock to the Solana Blockchain.

The security vulnerability that led to the targeting of the protocol occurred during the hacker house event mtnDAO, which Cypher co-hosted with the Solana trading protocol MarginFi in Salt Lake City. In a statement on the Discord channel, it was clarified that MarginFi was not affected by the hack attack and the trading protocol continued to operate smoothly.

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