A core contributor of the Solana exchange Cypher Protocol, identified only as "hoak," confessed to misappropriating approximately $260,000 from the platform. This admission followed allegations of the funds being gambled away. Hoak, who had access to the project's resources following a previous $1 million exploit, was instrumental in the project's initial recovery efforts. This breach highlights the vulnerability of DeFi platforms to internal threats and raises questions about the effectiveness of security measures within such projects.
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