According to Wu, Hoak, the developer of Solana DEX Cypher, admitted to stealing Cypher's funds (about $315,000) and gambling them all away. Hoak said in the statement that he had hurt people who had no reason to be hurt again and again, and the earliest one could be traced back to Breankpoint, where the victims were his brother and Max from Mango DAO. He found a brief peace in Project Citadel, but "failed" again during Cypher. The latest victims include Titan, SSKP and Bankmen teams. In August 2023, Cypher suffered a security incident and lost nearly $1 million in funds. ZachXBT said that it had all their information about that process when it helped the Cypher team deal with the exploit last year.