• Solana DEX falls victim to $1 mln exploit
• Investigation into the attack is launched, price of SOL remained unaffected
• A well-known exchange on the network fell victim to exploitation in a more recent development
Solana DEX Exploit
A popular exchange on Solana has become victim to an exploit. An estimated $1 million was illegally taken and an investigation has been launched. Despite this, the price of SOL remained unaffected.
Cypher Protocol Suspension
Futures exchange Cypher Protocol, which operates on the Solana platform, suspended its smart contract after suffering from the security incident. The team is currently working to determine the root cause of the exploit and trying to contact the hacker in hopes of recovering stolen funds.
The wallet linked to the exploit managed to appropriate around 39,704 SOL tokens and $123,231 worth of USDC – amounting to a total of $1,036,423. Following this theft, 30,000 USDC was sent from this address to Binance’s Solana USDC address “kiing.sol” in order for it to be liquidated.
Various NFTs have been dispatched from various addresses asking for the return of these funds with messages such as “People will find you. Please do the right thing and give the rest back.“
The exploit suffered by Solana’s Cypher Protocol shows that even decentralized exchanges can suffer from hacks due their vulnerability from human error or malicious intent. It remains unclear if any funds will be returned or if any further losses will occur as investigations are still underway.