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 <p class="is-style-lead">Cypher Protocol recovered nearly 50% of the <a rel="noopener noreferrer nofollow" title="stolen" href="https://thebittimes.com/tag/stolen.html">stolen</a> funds, worth approximately $600,000.</p> 
 <p>On Aug. 7, the company suffered an exploit attack that reportedly wiped $1 million off its accounts.</p> 
 <p>On Aug., 17, Cypher Protocol announced via its X account that it had frozen nearly half of the <a rel="noopener noreferrer nofollow" title="stolen" href="https://thebittimes.com/tag/stolen.html">stolen</a> funds on different CEX.</p> 
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    <p lang="en" dir="ltr">update from cypher<br><br>~$600k has been frozen across CEXs, the return of these funds will be predicated on the cooperation of these CEXs and seizure warrants being issued by law enforcement</p>— cypher ️ (@cypher_protocol) August 17, 2023 
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 <p>The hacker attacked some of the DEX vulnerabilities by using different accounts to take the funds in different cryptocurrencies, such as USDT, SOL, and wETH, among others.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Cypher Protocol freezes smart contract amid $1m exploit 
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 <p>On Aug. 10, the company contacted the attacker and offered him a 10% white hat bounty worth around $120,000. Later on, the company said that the hacker didn’t return the funds, and they made the bounty public.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">The reward bounty is now open to the public pic.twitter.com/fEIiQ8rTKN</p>— cypher ️ (@cypher_protocol) August 12, 2023 
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 <p>The company also announced a redemption plan to distribute the remaining <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> to the users affected by the hacker.</p> 
 <p>Cypher Protocol explained that each user would receive several <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> depending on the number of shares or level of involvement they hold in the protocol.</p> 
 <p>Cypher Protocol is a decentralized futures exchange on the Solana (SOL) blockchain. The company provides lending and borrowing services to its users with multiple cross-collateralized subaccounts.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Y Combinator makes $4.3m investment in Cypher 
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Cypher Protocol recovers nearly 50% of stolen assets

TheBitTimes

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