Cypher Protocol freezes smart contract after an estimated $1M exploit

According to information from Solana blockchain explorer Solscan, the wallet suspected to be tied to the exploit stole around 38,530 Solana (SOL) tokens in addition to $123,184 USD Coin (USDC)– netting a total of $1,035,203 in illegally gained funds. Total balance of stolen funds in the Cypher assaulters wallet. Source: SolscanIn the hours following the make use of, the supposed wallet transferred 30,000 USDC to Binances Solana USDC address “kiing.sol” in a possible effort to cash out the stolen funds. The alleged hacker transferred 30,000 USDC to Binance. Source: SolscanRelated: All funds are at risk– Steadefi exploited in continuous attackAt the time of publication, the alleged hacker has yet to bridge any Solana-based funds to the Ethereum network.The attack comes amid Cypher Protocols mtnDAO hacker home occasion, which it co-hosts with fellow Solana protocol Marginfi. Marginfi composed in its Telegram that it stays independent from Cypher and had actually not been affected by the attack. Cointelegraph has connected to Cypher Protocol for more information however did not get an immediate response.This is a developing story, and additional details will be included as it appears.
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Solana-based decentralized futures exchange Cypher Protocol halted its clever agreement after an estimated $1 million exploit.On Aug. 7, Cypher notified its 13,500 followers on X (previously known as Twitter) that it had experienced a security incident and had actually thus frozen its smart contract.The group added it is examining the reason for the exploit and has connected to the hacker to work out a potential return of stolen funds. Cypher has actually experienced an exploit/security occurrence. The wise contract has actually been frozen.The team is currently working with individuals and investigatingTo the hacker: We are writing to see whether you would be open to talking to us about any potential next steps.– cypher © (@cypher_protocol) August 7, 2023