Solana Developer Admits Stealing $500k for Gambling Habit

A Solana developer has admitted to stealing nearly half a million dollars in community funds to fuel his growing gambling habit.

The developer, who goes by the pseudonym 'Hoak', made the confession on Twitter after a public investigation began on the Cypher Protocol Discord server.

Cypher Protocol is a cross-margin decentralized exchange on the Solana blockchain. According to figures shared by Cypher Protocol, Hoak's wallet sent $314,674 in USDT, USDC, and SOL to Binance. The same wallet later amassed over $184,077 in ETH, USDT, USDC, and other tokens.

In his statement, Hoak acknowledged the allegations and expressed remorse for his actions, stating 'I took the funds and gambled them away.'