Cypher Protocol reveals $600K of stolen funds is now frozen on CEXs
On Aug. 16, Cypher announced a redemption strategy and “socialized losses policy” to disperse remaining properties to affected users. “The worth utilized for redemption in relation to a margin account will be based on a photo of the accounts assets at the time Cypher procedure was frozen,” totaling around 31 cents on the dollar it added. Source: CypherlabsIn its newest statement, Cypher thanked blockchain sleuth ZachXBT, including “he was vital to the Cypher group and the main factor in the preliminary freezing of funds across numerous CEXs, and also helped in tracking the assailant.
Cypher was made use of on Aug. 7 for around $1 million resulting in the protocol stopping its smart agreements. “The worth utilized for redemption in relation to a margin account will be based on a snapshot of the accounts assets at the time Cypher protocol was frozen,” amounting to around 31 cents on the dollar it included. Source: CypherlabsIn its latest statement, Cypher thanked blockchain sleuth ZachXBT, including “he was indispensable to the Cypher team and the primary factor in the preliminary freezing of funds throughout numerous CEXs, and likewise helped in tracking the enemy.
Solana-based decentralized futures exchange Cypher Protocol has handled to freeze $600,000 worth of crypto taken from an Aug. 7 security exploit.In an X (Twitter) post on Aug. 18, Cypher Protocol reported that more than half of the funds stolen have been effectively frozen throughout central exchanges with the aid of several independent blockchain detectives.” The return of these funds will be predicated on the cooperation of these CEXs and seizure warrants being issued by law enforcement,” it said.update from cypher ~$ 600k has actually been frozen across CEXs, the return of these funds will be asserted on the cooperation of these CEXs and seizure warrants being provided by police– cypher © (@cypher_protocol) August 17, 2023
Cypher was exploited on Aug. 7 for around $1 million resulting in the procedure halting its wise contracts. Two days later, the protocol stated the hacker had actually missed the deadline to return the funds and opened the bounty up to the public. They likewise hinted at knowing the partial identity of the exploiter.The benefit bounty is now open to the public pic.twitter.com/fEIiQ8rTKN— cypher © (@cypher_protocol) August 12, 2023