Solana

<ul><li>Defi platforms Cypher Protocol and Steadefi were both hit by security breaches on August 7, 2023, leading to significant financial losses.</li><li>The attacker in the Cypher Protocol exploit managed to siphon off approximately $1 million in Solana tokens and USD Coin using a newly created address.</li><li>Steadefi&#39;s exploit resulted in a loss of at least $334,000, with the attacker gaining access to the team’s deployer wallet.</li></ul>In a significant cybersecurity incident, Cypher Protocol, a decentralized futures exchange built on the <a href="https://cryptotale.org/solana-labs-unveils-solang-compiler-for-seamless-solidity-solana-smart-contracts/" rel="noopener noreferrer nofollow">Solana blockchain</a>, fell victim to a security breach on August 7, 2023. The breach led to an estimated financial loss of around $1 million. In response, the protocol&#39;s smart contracts were immediately suspended to mitigate further damage, and an investigation was launched to identify the root cause of the breach. Cypher protocol wrote:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0e2b66fe64f54a0bba8c4d8eae4edc97.png" />The breach occurred amidst the <a href="https://www.utahbusiness.com/mtndao-held-a-solana-hackathon-in-salt-lake-city/" rel="noopener noreferrer nofollow">mtnDAO hacker house event</a>, a collaborative event hosted by Cypher Protocol and Marginfi, another Solana-based protocol. Marginfi confirmed in their discord channel that it was not affected by the security breach.The perpetrator managed to illicitly acquire approximately 38,530 Solana tokens and about $123,184 in USD Coin (USDC), amassing a total of $1,035,203. These funds were transferred to a wallet believed to be associated with the exploit. In what appears to be an attempt to liquidate the stolen funds, the alleged hacker transferred 30,000 USDC to the <a href="https://solscan.io/tx/4ZqYRfvPePGLpZCb6t1iq7gNMUwsrkcQoSAiDHq9gEYUve9t3b598Qf63uErtaoB1onScKf7VcmM3u8qVbAd3XK6" rel="noopener noreferrer nofollow">Solana USDC address “kiing.sol”</a> on the Binance platform. Notably, the alleged hacker had not transferred any Solana-based funds to the Ethereum network at the time of the incident.The exploit was carried out using a newly <a href="https://solscan.io/account/HHm4wK91XvL3hhEC4hQHo544rtvkaKohQPc59TvZeC71" rel="noopener noreferrer nofollow">created address</a>, which, at the time of reporting, held a balance of 39,704 SOL and 123,231 USDC, amounting to a total of $1.04 million. In an unusual move, Cypher also <a href="https://twitter.com/cypher_protocol/status/1688650182252986368" rel="noopener noreferrer nofollow">extended an invitation</a> to the attacker for a conversation, possibly hinting at a potential bug bounty discussion.-Read full article at <a href="https://cryptotale.org/cypher-protocol-faces-1-million-security-breach-in-major-crypto-exploit/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Cypher Protocol Faces $1 Million Security Breach in Major Crypto Exploit

CryptoTale

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