Cypher Protocol, a decentralized exchange (DEX) based on the Solana network, has disclosed that more than half of the funds stolen from its platform have been frozen across various centralized exchanges (CEXs). This comes as the latest development in the $1 million exploit of the protocol.
On August 7, 2023, Cypher Protocol reported a breach of its security, which caused the unauthorized withdrawal of 38,530 Solana and $123,184 USDC tokens. This attack prompted the protocol to halt its smart contract to prevent further unauthorized access.
Bitcoinist reported that the hacker tried to immediately cash out the stolen funds via centralized exchanges, transferring 30,000 USDC to Binance’s Solana USDC address in one transaction. However, it appears that most of these funds will not be leaving the exchange following Cypher’s successful recovery attempt.
Cypher Protocol Employs The Help Of On-Chain Investigators
Cypher Protocol has…
