Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
May 15, 2024 10:49
Cypher, a decentralized exchange on the Solana blockchain, faced a security breach in August 2023, resulting in a nearly $1 million loss. Developer Hoak confessed on May 14, 2024, to stealing approximately $315,000 from Cypher’s funds and gambling them away. In his public statement on X, Hoak admitted to similar misconduct several times. This revelation compounds the challenges faced by Cypher after the significant security incident and highlights the ongoing security and trust issues within the cryptocurrency and DeFi space.
