Insider at Solana's Cypher Protocol Admits to Stealing $300K

Insider at Solana’s Cypher Protocol Admits to Stealing $300K

Solana-based crypto trading protocol Cypher has endured its share of hacks and heists. But its latest loss – of money meant for down-bad customers – was an inside job.

On Tuesday, a pseudonymous developer known as Hoak admitted to stealing hundreds of thousands of dollars worth of cryptocurrencies from Cypher’s hack reimbursement fund. “I took the funds and gambled them away,” Hoak said in a statement, blaming his activity on a “crippling gambling addiction.”

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