The Solana-based Cypher Protocol is again in the negative spotlight after one of its core developers admitted to stealing and losing over $300,000 of users’ funds. Another of the project’s developers first unveiled the news and also alerted law enforcement.
Solana-Based Protocol Faces Inside Job
On Monday, Cobra, one of Cypher Protocol’s developers, revealed that a core contributor had stolen funds from the Cypher Redemption Package Contract. The developer, Hoak, had withdrawn funds from the contract for several months unnoticed.
The heist was only caught after a user in the project’s Discord pinged the team about having issues withdrawing funds. Per the post, Hoak claimed he would handle the issue. However, the user contacted the team after the developer’s deadline, stating that the issue persisted.
Consequently, the team investigated the issue and found that, in the last six months, Hoak had taken over $300,000 from the contract via 36 transactions.
During this
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