Cypher Protocol freezes smart contract after an estimated $1M exploit

Solana-based decentralized futures trade Cypher Protocol halted its good contract after an estimated $1 million exploit.

On Aug. 7, Cypher alerted its 13,500 followers on X (previously often called Twitter) that it had skilled a safety incident and had thus frozen its good contract.

The group added it’s investigating the reason for the exploit and has reached out to the hacker to barter a possible return of stolen funds.

https://twitter.com/cypher_protocol/standing/1688641036476731393?ref_src=twsrcpercent5Etfw

In response to data from Solana blockchain explorer Solscan, the pockets suspected to be tied to the exploit stole roughly 38,530 Solana (SOL) tokens in addition to $123,184 USD Coin (USDC) — netting a complete of $1,035,203 in illicitly gained funds.

Within the hours following the exploit, the alleged pockets transferred 30,000 USDC to Binance’s Solana USDC handle “kiing.sol” in a potential try to money out the stolen funds.

On the time of publication, the alleged hacker has but to bridge any Solana-based funds to the Ethereum community.

The assault comes amid Cypher Protocol’s mtnDAO hacker home occasion, which it co-hosts with fellow Solana protocol Marginfi. Marginfi wrote in its Telegram that it stays impartial from Cypher and had not been impacted by the assault.

Cointelegraph has reached out to Cypher Protocol for extra particulars however didn’t obtain an instantaneous response.

It is a creating story, and additional info will likely be added because it turns into accessible.