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A security compromise on the decentralized futures exchange of the Solana-based platform, Cypher Protocol, led to an unexpected freeze of its smart contract. On August 7, the platform informed its considerable community of 13,500 followers on X, previously Twitter, about the unpleasant event.
While the technical team is deep into deciphering the reasons behind the breach, they have also taken an unusual step. They are trying to engage with the alleged hacker to possibly broker a deal for the return of the missing funds. Solscan, a prominent blockchain explorer on the Solana network, revealed that the malefactor's wallet might have siphoned off a significant 38,530 Solana (SOL) tokens. Additionally, there was an unauthorized withdrawal of $123,184 in USD Coin (USDC). The unauthorized activities amount to a financial setback of roughly $1,035,200.
In a quick move to possibly liquidate the unlawfully obtained assets, the wallet linked to the breach channeled 30,000 USDC to the known Binance's Solana USDC address, labeled "kiing.sol". In an unexpected twist, since this episode, the implicated wallet has been bombarded with numerous NFTs. Many of these digital tokens contain messages from various individuals and entities, seemingly trying to persuade the offender to reverse their actions. One notable NFT addressed the perpetrator directly, urging them to revert the funds, pointing out the trackable nature of the transactions.
Up until the time this article was composed, the suspected cyber thief has not transferred any Solana-related assets to the Ethereum platform.
While this unfortunate incident unfolds, it's worth noting that the breach coincided with the mtnDAO hacker house event of Cypher Protocol, jointly managed with another Solana protocol named Marginfi. However, Marginfi has publicly clarified its stance, mentioning its operational independence from Cypher and reassuring its stakeholders of no losses on its end.
