tl;dr
Cypher, a Solana-based crypto trading protocol, suffered an inside job where a developer, known as Hoak, admitted to stealing hundreds of thousands of dollars meant for down-bad customers. Hoak confessed to gambling away the funds and cited a "crippling gambling addiction" as the reason. Cypher's fo...
Cypher, a Solana-based crypto trading protocol, has been rocked by internal theft, with a developer confessing to gambling away hundreds of thousands of dollars in cryptocurrencies meant for customers.
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Cypher's founder has accused a pseudonymous developer of draining valuable cryptos from the protocol's redemption contract, resulting in a loss of around $300,000. Law enforcement is involved as the team works to address the situation and rebuild trust with affected customers.
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