The Solana-based Cypher Protocol, a DeFi protocol, has fallen victim to an exploit. According to BNB Swap, the hacker stole 38,530 $SOL and $123,184 USDC from the protocol.
As soon as the hack was reported, the team scrambled to establish communication with the hackers in a desperate bid to recover the lost funds. On the other hand, the cryptocurrency community anxiously awaits the outcome of this nerve-wracking negotiation.
Following the $1 million Cypher hack, the network responded by freezing its smart contract to prevent any interventions and the goal of recovering as much of the money as possible.
The Cypher Protocol has urged the exploiter to engage in negotiations citing “potential next steps,” to recover the hacked funds.
Although, a Crypto researcher Messari has validated the news of the hack and presented the incident as a detractor from Solana’s record of accomplishment.
“The Solana blockchain managed to increase its total value locked (TVL) by an impressive 15% throughout July to $310 million.“
Crypto researcher Messari has validated the news of the hack and presented the incident as a detractor from Solana’s record of accomplishment.
Given that the majority of the main blockchains, including Ethereum (ETH), Binance Smart Chain (BSC), Arbitrum (ARB), Polygon (MATIC), and Avalanche (AVAX), are experiencing decreases, this was no little accomplishment.
Users insists CZ and Binance to Uncover the Explorer’s Identity:
Although rumors have not been confirmed, it appears that the exploiter may have cashed out and funded their wallet on the Binance exchange. Users have appealed to the CEO Changpeng Zhao for help in recouping the loss. mentioning one user.
Notably, Cypher stands among the most advanced Solana-based protocols, an attribute that is credited to incentivize traders and depositors, who are awarded points akin to what happens during airdrops.
With such a motivating loyalty program, Cypher has earned a place among the blockchain’s fastest-growing protocols.
