Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Solana-based crypto trading protocol Cypher has endured its share of hacks and heists. But its latest loss – of money meant for down-bad customers – was an inside job.
On Tuesday, a pseudonymous developer known as Hoak admitted to stealing hundreds of thousands of dollars worth of cryptocurrencies from Cypher's hack reimbursement fund."I took the funds and gambled them away," Hoak said in ahim of systematically draining troves of valuable cryptos from the protocol's redemption contract over multiple months, beginning in December.
"This is incredibly saddening to me. I never thought this would be a possibility, having a core contributor who stayed on after the exploit to try and rebuild the project be the one who rugged funds from the redemption contract," Barrett wrote.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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