Cypher Protocol contributor admits to taking and gambling funds recovered from exploit

Hoak, a pseudonymous contributor to the Solana-based exchange Cypher, admitted to taking and gambling away the protocol's funds recovered from an exploit.

"I know nothing I say or do will make things better — perhaps other than rotting in jail,” Hoak wrote in a Tuesday statement. “To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.” The Cypher team froze $600,000 worth of funds stolen in the exploit on centralized exchanges. They then created a redemption contract for users to retrieve their lost funds.

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