DEX Cypher loses $1 million in hack

An unknown hacker breached the Solana-based decentralized exchange Cypher and stole around $1 million in cryptocurrencies.

The team froze the protocol’s smart contracts and opened an investigation. The developers also invited the hacker to get in touch to discuss the possibility of returning the funds.

The value of funds blocked in the protocol rose significantly since the end of June, but as a result of the incident fell to $509,470, according to DeFi Llama.

Experts say Cypher is among the fastest-growing protocols in the Solana ecosystem. Partly this is due to a loyalty program that rewards users with points. Some speculate this is a prelude to the airdrop.

As reported, in July the crypto industry lost digital assets worth $303 million in exploits, scams and hacker attacks.