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 A crypto wallet suspected to be tied to the exploit shows it gained over $1 million in SOL and UDSC since the attack. 
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<div class="cointelegraph"> 
 Solana-based decentralized futures exchange Cypher Protocol halted its <a rel="noopener noreferrer nofollow" title="smart" href="https://thebittimes.com/tag/smart.html">smart</a> <a rel="noopener noreferrer nofollow" title="contract" href="https://thebittimes.com/tag/contract.html">contract</a> after an <a rel="noopener noreferrer nofollow" title="estimated" href="https://thebittimes.com/tag/estimated.html">estimated</a> $1 million <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>. 
 On Aug. 7, Cypher alerted its 13,500 followers on X (formerly known as Twitter) that it had experienced a security incident and had thus frozen its smart contract. 
 The team added it is investigating the cause of the <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a> and has reached out to the hacker to negotiate a potential return of stolen funds. 
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 Cypher has has experienced an exploit/security incident. The smart contract has been frozen. The team is currently working with individuals and investigating To the hacker: We are writing to see whether you would be open to speaking with us about any potential next steps.— cypher ️ (@cypher_protocol) August 7, 2023 
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 According to data from Solana blockchain explorer Solscan, the wallet suspected&nbsp;to be tied to the <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a> stole approximately 38,530 Solana (SOL) tokens as well as $123,184 USD Coin (USDC) — netting a total of $1,035,203 in illicitly gained funds. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/08/f2e459bc3fc6d435290201bdf187981c.webp"> 
 <figcaption style="text-align: center;"> Total balance of stolen funds in the Cypher attackers' wallet. Source: Solscan 
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 In the hours following the exploit, the alleged wallet transferred 30,000 USDC to Binance’s Solana USDC address “kiing.sol” in a possible attempt to cash out the stolen funds. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/08/8deaa29ab083d17f9dc9f374268bd3bc.webp"> 
 <figcaption style="text-align: center;"> The alleged hacker transferred 30,000 USDC to Binance. Source: Solscan 
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 Related:&nbsp;‘All funds are at risk' — Steadefi <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>ed in ongoing attack 
 At the time of publication, the alleged hacker has yet to bridge any Solana-based funds to the Ethereum network. 
 The attack comes amid Cypher Protocol’s mtnDAO hacker house event, which it co-hosts with fellow Solana protocol Marginfi. Marginfi wrote in its Telegram that it remains independent from Cypher and had not been impacted by the attack. 
 Cointelegraph has reached out to Cypher Protocol for more details but did not receive an immediate response. 
 This is a developing story, and further information will be added as it becomes available. 
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Cypher Protocol freezes smart contract after an estimated $1M exploit

TheBitTimes

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