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Home»ADOPTION NEWS»A Cypher Protocol contributor admitted to stealing and gambling gambling funds recovered from the exploit.
ADOPTION NEWS

A Cypher Protocol contributor admitted to stealing and gambling gambling funds recovered from the exploit.

By Crypto FlexsMay 15, 20243 Mins Read
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A Cypher Protocol contributor admitted to stealing and gambling gambling funds recovered from the exploit.
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Hoak, anonymous contributor Solana brush

-2.81%
The underlying exchange, Cypher, admitted to embezzling and gambling protocol funds recovered from the exploit.

Hoak appears to have withdrawn ETH, WSOL, BONK, and other cryptocurrencies from the repurchase agreement of Cypher, another Cypher contributor from Barrett, across 36 transactions. establish. The money taken from the repayment agreement totals $260,000, The Block calculated at current prices.

Barrett said in a social media post that she had contacted law enforcement regarding Hoak’s dealings.

“I know that nothing I say or do will make the situation better, short of rotting in prison,” Hawke wrote Tuesday. name. “To address the elephant in the room: The allegations are true. They stole the funds and squandered them through gambling. I didn’t get away with it and no one else did.”

Hoak noted his actions were due to his mental health deteriorating over the past year. He said he suffered from a “severe” gambling addiction.“There are probably a number of other psychological factors that have gone unchecked for too long.”

“I’ve had too much going on in my head for too long,” Hoak said. “I let them consume me and eventually they got the best of me. At the end of last year and the beginning of this year I completely lost it. Simply trying to keep it together affected everything else in my life and for a long time I had friends, family, “Not being able to meet deadlines, acting erratically, etc.”

Cypher Attacks and Remedies

In August 2023, Cypher experienced an exploit that resulted in a loss of 38,530 SOL and 123,184 USDC. At the time, Cointelegraph reported that the total value loss from the attack exceeded $1 million.

Team Cypher froze. Worth $600,000 Funds stolen by exploiting centralized exchanges. We then created a repayment agreement that would allow users to recoup their lost funds.

Barrett expressed disappointment over the fate of the recovered funds in a social media post.

“This is incredibly sad to me,” Barrett said. “I never thought this would be possible: a key contributor who stayed behind to rebuild the project after the exploit would end up being the one robbed of the money in the buyback agreement.”

“This was not discovered until the feuding individuals signaled that they could not withdraw. Hoak said he would take care of the matter,” Barrett continued. “The individual pinged back that he still could not withdraw after the deadline provided by Hoak.”

Update (21:48 UTC May 14): Added The Block’s calculations for the total amount taken from the repurchase agreement at current prices.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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