A decentralized futures exchange on Solana, Cypher has experienced an exploit of $1 million. The protocol has halted its smart contract in order to mitigate further damage.
Cypher Protocol shared a tweet confirming the attack and said its team is working with individuals and investigating the exploit. It also addressed hacker by asking if they would be open to speak with the Cypher team about any next step.
Cypher is among the fastest growing protocols in the Solana ecosystem which offers CEX-like future trading in a decentralized manner.
The attacker seems to have drained roughly $1 million in SOL and USDC. The exploit was executed using a fresh address which currently has a balance of 39,704 SOL and 123,231 USDC, totalling $1.04M at the time of writing.
Cypher also published another tweet inviting the attacker to chat, probably to discuss a potential bug bounty.
As DeFi is growing widely as a ‘technical financial economy’, it is also prone to attacks and hacks. Few days ago, the Curve exploit shook the whole DeFi; however, there was a sign of relief when the attacker agreed to negotiate with the exchanges for a bounty.
