Solana-backed decentralized exchange Cypher lost nearly $1 million worth of crypto following a security breach, CoinDesk reports. Following this, the protocol’s contracts have been frozen while contributors try to negotiate with the hackers for a fund return.
Cypher’s rapid growth on Solana SOL/USD is attributed to its loyalty program, rewarding depositors and traders with points, seen by many as a precursor to an airdrop. This incident coincided with Cypher’s biannual hacker house mtnDAO event in Salt Lake City, co-hosted with Solana trading protocol marginfi.
Marginfi clarified on its Discord channel that it remained unaffected by the hack. The Cypher team reached out to the attacker via a tweet, urging them to communicate through email or the session chat app.
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