Solana Developer 'Hoak' Admits Stealing Nearly Half a Million Dollars

A Solana developer, who goes by the pseudonym 'Hoak', has confessed to stealing nearly half a million dollars in community funds to fuel a growing gambling habit. The stolen funds, which include $314,674 in USDT, USDC, and SOL, were sent to Binance by Hoak's wallet, as revealed by Cypher Protocol figures.

A total of over $184,077 in ETH, USDT, USDC, and other tokens was amassed by the same wallet later on. The allegations against Hoak had been simmering since an investigation began on the Cypher Protocol Discord server.

Hoak's public confession appears to have been triggered by the ongoing probe. In a statement on Twitter, he acknowledged that 'the allegations are true' and stated that he took the funds to gamble them away. He also noted that he didn't run off with the money, nor did anyone else.

Hoak expressed remorse for his actions, stating that whatever comes next is in God's hands. The community has already reached out to law enforcement about the matter.