Popular Solana Exchange Falls Victim to Exploit
A recent security incident has shaken the Solana network as a well-known exchange, Cypher Protocol, fell prey to an exploit, resulting in an estimated loss of around $1 million. Despite this setback, the price of SOL remained stable, showing resilience in the face of adversity.
Investigation and Response
The Cypher Protocol team swiftly responded to the incident by taking proactive measures. On August 7, the team halted the smart contract operations and communicated the security breach to their 13,500 followers on Twitter. They are actively investigating the root cause of the exploit and have also attempted to establish communication with the hacker to potentially recover the stolen funds.
Exploited Funds and NFT Appeals
The exploit resulted in the unauthorized acquisition of approximately 39,704 SOL tokens and $123,231 worth of USDC, totaling $1,036,423. The malicious actor responsible for the breach attempted to liquidate part of the misappropriated funds by transferring 30,000 USDC to Binance’s Solana USDC address “kiing.sol.”
In an intriguing twist, various NFT messages were sent to the hacker’s wallet pleading for the return of the stolen funds. One NFT message read, “People will find you. Please do the right thing and give the rest back.” These messages reflect the ethical concerns of the community and their desire for a just resolution.
Seeking Communication
As of now, the Cypher Protocol team has been unable to establish direct communication with the hacker. The team has reached out publicly, providing ways for the attacker to get in touch, indicating a willingness to engage in a dialogue to address the situation.
Price Impact and Market Status
During these developments, SOL’s trading price has remained relatively stable at $23.23. Although there has been some price appreciation in recent days, the coin is still distant from its monthly peak.
In conclusion, the recent exploit targeting Cypher Protocol on the Solana network has sparked investigations, ethical appeals, and discussions within the community. The incident underscores the importance of robust security measures in the world of decentralized exchanges.
Popular Solana Exchange Falls Victim to Exploit
A recent security incident has shaken the Solana network as a well-known exchange, Cypher Protocol, fell prey to an exploit, resulting in an estimated loss of around $1 million. Despite this setback, the price of SOL remained stable, showing resilience in the face of adversity.
Investigation and Response
The Cypher Protocol team swiftly responded to the incident by taking proactive measures. On August 7, the team halted the smart contract operations and communicated the security breach to their 13,500 followers on Twitter. They are actively investigating the root cause of the exploit and have also attempted to establish communication with the hacker to potentially recover the stolen funds.
Exploited Funds and NFT Appeals
The exploit resulted in the unauthorized acquisition of approximately 39,704 SOL tokens and $123,231 worth of USDC, totaling $1,036,423. The malicious actor responsible for the breach attempted to liquidate part of the misappropriated funds by transferring 30,000 USDC to Binance’s Solana USDC address “kiing.sol.”
In an intriguing twist, various NFT messages were sent to the hacker’s wallet pleading for the return of the stolen funds. One NFT message read, “People will find you. Please do the right thing and give the rest back.” These messages reflect the ethical concerns of the community and their desire for a just resolution.
Seeking Communication
As of now, the Cypher Protocol team has been unable to establish direct communication with the hacker. The team has reached out publicly, providing ways for the attacker to get in touch, indicating a willingness to engage in a dialogue to address the situation.
Price Impact and Market Status
During these developments, SOL’s trading price has remained relatively stable at $23.23. Although there has been some price appreciation in recent days, the coin is still distant from its monthly peak.
In conclusion, the recent exploit targeting Cypher Protocol on the Solana network has sparked investigations, ethical appeals, and discussions within the community. The incident underscores the importance of robust security measures in the world of decentralized exchanges.
