The Cypher Protocol Recovers Nearly 50% of Stolen Funds
The Recovery Process
The Cypher Protocol has recovered nearly 50% of the stolen funds, worth about $600,000.
On August 7, the company suffered an exploit attack that reportedly wiped $1 million from its accounts.
On August 17th, Cypher Protocol announced via its account X that it had frozen nearly half of the funds stolen in various CEX.
The Hacker’s Strategy
The hacker attacked some DEX vulnerabilities by using different accounts to take money in different cryptocurrencies, such as USDT, SOL, and wETH, among others.
The White Hat Offer
On August 10, the company contacted the attacker and offered him a 10% white hat, worth about $120,000. Later, the company said that the hacker did not return the money, and they made the reward public.
Recovery Plan
The company also announced a recovery plan to distribute the remaining assets to users affected by the hack.
The Cypher protocol has explained that each user will get several assets depending on how many shares or level of shares they have in the protocol.
Cypher Protocol is a decentralized futures exchange on the Solana (SOL) blockchain. The company provides lending and borrowing services to its users through multiple secured sub-accounts.