Solana Developer Admits Stealing $500k from Decentralized Exchange

Cypher Protocol developer 'Hoak' admitted to stealing nearly half a million dollars in community funds from the Solana-based cross-margin decentralized exchange. The funds were sent to Binance and used for gambling, according to figures shared by Cypher Protocol.

The theft was discovered through an investigation that began on the Cypher Protocol Discord server. Users have since reached out to law enforcement, and Hoak has confessed to the crime in a public statement on Twitter.

'I know likely nothing I say or do will make things better, perhaps other than rotting in jail,' Hoak wrote. 'To address the elephant in the room, the allegations are true, I took the funds and gambled them away.'