Cypher
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1. Solana-based decentralized exchange Cypher is strategizing a token sale to recuperate from a substantial hack encountered earlier this month.
2. The hack, occurring on August 7, led to a loss of over $1 million in different assets as a hacker exploited vulnerabilities in the protocol.
3. To support development and rebuild its financial reserves, #Cypher plans to employ the token sale proceeds.
4. Cypher's token sale will involve an initial #decentralized offering (IDO) strategy, including the issuance of a #debt token to those who lost deposits due to the hack.
5. This debt token allows investors to recover funds over time as the protocol progresses.
6. Remarkably, the token sale structure leans toward public investors, with more than 45% of tokens allocated for public sale.
7. The token sale event could serve as a test for the Solana ecosystem's response to new token issuances, considering a significant IDO has not occurred for some time.
8. Cypher is actively working to retrieve the stolen funds from the attacker, successfully freezing $600,000 worth of crypto on centralized exchanges.
9. The return of these funds hinges on the #cooperation of the exchanges and legal processes like seizure warrants facilitated by law enforcement.
10. Cypher's strategic approach to recovery includes innovative financial mechanisms and engagement with the #Solana ecosystem's dynamics in an effort to restore the losses incurred from the hack.
$SOL
2. The hack, occurring on August 7, led to a loss of over $1 million in different assets as a hacker exploited vulnerabilities in the protocol.
3. To support development and rebuild its financial reserves, #Cypher plans to employ the token sale proceeds.
4. Cypher's token sale will involve an initial #decentralized offering (IDO) strategy, including the issuance of a #debt token to those who lost deposits due to the hack.
5. This debt token allows investors to recover funds over time as the protocol progresses.
6. Remarkably, the token sale structure leans toward public investors, with more than 45% of tokens allocated for public sale.
7. The token sale event could serve as a test for the Solana ecosystem's response to new token issuances, considering a significant IDO has not occurred for some time.
8. Cypher is actively working to retrieve the stolen funds from the attacker, successfully freezing $600,000 worth of crypto on centralized exchanges.
9. The return of these funds hinges on the #cooperation of the exchanges and legal processes like seizure warrants facilitated by law enforcement.
10. Cypher's strategic approach to recovery includes innovative financial mechanisms and engagement with the #Solana ecosystem's dynamics in an effort to restore the losses incurred from the hack.
$SOL
𝙏𝙧𝙚𝙣𝙙𝙞𝙣𝙜 𝙊𝙣 𝘽𝙞𝙣𝙖𝙣𝙘𝙚 𝙁𝙚𝙚𝙙🔥
- Cypher Protocol has recovered almost half of the stolen funds, valued at around $600,000.
- The exploit attack on August 7 led to a loss of $1 million for the company.
- On August 17, Cypher Protocol announced freezing almost 50% of the stolen funds across different Centralized Exchanges (CEX).
- The hacker targeted #DEX vulnerabilities, using various accounts to take funds in different cryptocurrencies like USDT, SOL, wETH, and more.
- Cypher #Protocol offered the attacker a 10% white hat bounty, but the funds weren't returned.
- A redemption plan is in place to distribute remaining #assets to affected users based on their shares or involvement level in the protocol.
- #Cypher Protocol operates as a #decentralized futures exchange on the Solana (SOL) blockchain, offering lending and borrowing services with cross-collateralized subaccounts.
- Cypher Protocol has recovered almost half of the stolen funds, valued at around $600,000.
- The exploit attack on August 7 led to a loss of $1 million for the company.
- On August 17, Cypher Protocol announced freezing almost 50% of the stolen funds across different Centralized Exchanges (CEX).
- The hacker targeted #DEX vulnerabilities, using various accounts to take funds in different cryptocurrencies like USDT, SOL, wETH, and more.
- Cypher #Protocol offered the attacker a 10% white hat bounty, but the funds weren't returned.
- A redemption plan is in place to distribute remaining #assets to affected users based on their shares or involvement level in the protocol.
- #Cypher Protocol operates as a #decentralized futures exchange on the Solana (SOL) blockchain, offering lending and borrowing services with cross-collateralized subaccounts.
