An unknown person hacked the decentralized exchange Cypher based on Solana and withdrew about $1 million in cryptocurrencies.
The team froze the protocol’s smart contracts and launched an investigation. The developers also invited the hacker to get in touch to discuss the possibility of a refund.
The value of the funds blocked in the protocol has increased significantly since the end of June, but as a result of the incident, it collapsed to $509,470, according to DeFiLlama.
Experts consider Cypher one of the fastest growing protocols in the Solana ecosystem. This is partly due to the loyalty program, which rewards users with points. Some speculate that this is in preparation for the airdrop.
Recall that in July the crypto industry lost $303 million worth of digital assets as a result of exploits, scams and hacker attacks.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!