According to CoinDesk: Solana-based decentralized exchange Cypher is planning a token sale to recover from a significant hack earlier this month. The exchange lost over $1 million in various assets on August 7, when a hacker drained much of the protocol. To fund development and replenish the project's treasury, Cypher will use the proceeds from the token sale. The initial decentralized offering (IDO) plan will see Cypher issue a debt token to investors who lost their deposits due to the hack, allowing them to recover their funds as the protocol grows. The token sale's structure is uncommonly tilted toward public investors, with over 45% of tokens being sold to the public. The sale could test the Solana ecosystem's stance on new token issuances, as it has not seen a major IDO in a long time. Cypher is still attempting to recover the hacked funds from the August 7 attacker and has managed to freeze $600,000 worth of crypto in centralized exchanges. The return of these funds depends on the cooperation of the exchanges and seizure warrants issued by law enforcement.