Cypher Protocol Recovers Nearly 50% of Stolen Funds
Funds Frozen on CEXs
Cypher protocol restored nearly 50% of the stolen funds, worth Almost $600,000.
On August 7, the company suffered an exploit attack which is said to have spent over a million dollars off her accounts.
On August 17, the Cypher Protocol announced via His X account which is almost frozen half of the stolen funds on different CEX.
Hacker Exploits Vulnerabilities in DEX
The hacker attacked some of Vulnerabilities in DEX by using Different accounts for taking money in Various cryptocurrencies, such as USDT, SOL, wETH, and others.
White Hat Reward Offered
On August 10, the company contacted the attacker and offered him a 10% white hat reward. worth About $120,000. Later on, the company said that the hacker did not return the money, and they made the giveaway public.
Recovery Plan for Affected Users
Company also announced A recovery plan to distribute the remainder assets affected users.
The Cypher protocol explained that each user would have several assets according on the number of shares or level of their involvement in the protocol.
About Cypher Protocol
Cypher Protocol is a decentralized futures exchange on Solana Blockchain (SOL). The company provides lending and borrowing services to its users with multiple collateral sub-accounts.
