So it will never stop. July has already been a tough month for DeFi protocols, but this month of August is likely to get complicated even more. Indeed, while scrutinizing the latest news, we have learned that Cypher, a decentralized exchange (DEX) based on Solana, was attacked. Zoom !
$1 million siphoned off Solana-based protocol
July was horrible for some DeFi projects like EraLend and Curve Finance. CoinDesk clarified that at least $303 million were stolen during this period.
” Cypher experienced a security exploit/incident. The smart contract has been frozen.
The team is currently working with individuals and investigating.
To the Hacker: We are writing to see if you would be willing to discuss potential next steps with us. »
Hardly the month of August has started, a new hack has been reported. According to UnChained Cryptothe hacker was able to steal:
- 38,350 SOL ;
- and USD 124,184.
Multiplying these sums to the current price of SOL, $23.52 at the time of writing, and knowing that USDC is trading at $1, the thief would have in his hands $1.025 million.
DeDotFi analysts later denounced that the Cypher hacker attempted to launder one’s ill-gotten gains by transferring 30,000 USDC to the address “ kiing.sol shortly after his feat.
In response, the Cypher team proceeded to freeze the protocol’s smart contracts. Then, she addressed the crypto hacker through this tweet.
” If you are the attacker, you can contact us by email or chat session.
E-mail : [email protected]
Session ID: 05acb0ff5ecb13d3e9d6e8225342994157df834f5f14ac916f2212b20539fe113d »
We are not unaware that thecall for good conscience of a DeFi protocol hacker only has three exits :
- either the pirate returns the full amount and generally collects 10% of the funds as a reward ;
- either he keeps everything;
- or it gives back some of the money while ironically deriding the community’s incompetence, as in the Curve Finance case.
The thief’s address traced
Thanks to the blockchain technologythe protocols victims of crypto hack have the possibility of trace stolen assets. In this way, exchanges and other crypto projects can freeze these cryptocurrencies. Tether, Binance and others have already proven the effectiveness of this process.
” The Cypher program on Solana was hacked with losses of ~$1M. The program has been frozen.
The stolen funds are currently located at HHm4wK91XvL3hhEC4hQHo544rtvkaKohQPc59TvZeC71.
The attacker’s initial funds come from @kucoincom and @binance. »
By covering this hack, Cointelegraph highlighted theingenuity of some victims. They also addressed a message to the hacker’s wallet via NFTs.
” Seriously, you used Binance and KuCoin to fund and try to get out 30K. People will find you. Please do what it takes and give back the rest “, can we read in an NFT.
The crypto media CoinDesk further clarified that the attack took place during the mtnDAO hacker house co-organized by Cypher Protocol with Marginfi. The latter being another protocol based on Solana and which remains “safe” despite the attack.
Finally, note that Cypher Protocol has nothing to do with Cypher, the metal wallet developed by SafePal. This device respecting the BIP39 standard will protect your bitcoins against all kinds of danger.
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