Solana-Backed Cypher Loses $1M In Crypto Due To Exploit, Freezes Smart Contract - Emeren Group (NYSE:SOL)

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.

if you are the attacker you can reach out on email or session chat app

email: recover_protocol@proton.me

session id: 05acb0ff5ecb13d3e9d6e8225342994157df834f5f14ac916f2212b20539fe113d https://t.co/ZnEbJN8Kju
— cypher ©️ (@cypher_protocol) August 7, 2023

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.

Image Via Shutterstock

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