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Solana-Based Cypher Protocol Experiences Exploit, Freezes Smart Contract
The protocol’s contracts are now frozen as contributors attempt to make contact with hackers to negotiate a return of funds.
Updated Aug 21, 2024, 8:04 p.m. Published Aug 7, 2023, 9:06 p.m.
Solana-based decentralized exchange Cypher lost close to $1 million in crypto Monday due to an exploit or security incident.
The protocol’s contracts are now frozen as contributors attempt to make contact with hackers to negotiate a return of funds.
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Cypher is one of the fastest-growing protocols on the solana blockchain in part because of its loyalty program, which rewards depositors and traders with points that many users expect is the setup for an airdrop.
The exploit comes during Cypher’s biannual hacker house mtnDAO which it hosts in Salt Lake City alongside fellow Solana trading protocol marginfi. In its discord channel, marginfi said it was not impacted by the hack.
Cypher has has experienced an exploit/security incident. The smart contract has been frozen.
— cypher ©️ (@cypher_protocol) August 7, 2023
The team is currently working with individuals and investigating
To the hacker: We are writing to see whether you would be open to speaking with us about any potential next steps.
UPDATE (Aug. 7, 2023, 21:48 UTC): Updates figure lost.
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