Cypher Protocol Recovers Nearly 50% of Stolen Funds: Update on the Recent Attack
Cypher Protocol recently announced that it has recovered almost 50% of the funds that were stolen in a recent exploit attack. The attack, which occurred on August 7, had resulted in a loss of approximately $1 million. Here are the key points regarding the recovery and the actions taken by Cypher Protocol:
1. Stolen Funds Frozen on Different CEXs: Cypher Protocol has managed to freeze around $600,000 across various central exchanges (CEXs). The return of these funds is subject to the cooperation of the CEXs involved and the issuance of seizure warrants by law enforcement.
2. Hacker Exploited DEX Vulnerabilities: The hacker used different accounts to steal funds in various cryptocurrencies, including USDT, SOL, and wETH.
3. White Hat Bounty Offered But Not Successful: Cypher Protocol initially offered the hacker a 10% white hat bounty, amounting to approximately $120,000, in an attempt to recover the stolen funds. However, the hacker did not return the funds, leading the company to make the bounty public.
4. Redemption Plan for Affected Users: The company has announced a redemption plan to distribute the remaining assets to the users who were affected by the hack. The distribution of assets will be based on the number of shares or level of involvement each user holds in the protocol.
In conclusion, Cypher Protocol has made significant progress in recovering the stolen funds from the recent attack. However, the full recovery is dependent on the cooperation of the involved CEXs and law enforcement’s actions. The company has also taken steps to compensate and support the affected users through a redemption plan.
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