Cypher Protocol, a decentralized futures exchange on the Solana (SOL) blockchain, has halted its smart contract in the wake of an estimated $1 million exploit.
On Aug. 7, Cypher Protocol announced on X that it had frozen its smart contract following a security incident involving an estimated $1 million exploit.
The team is investigating the cause and has initiated negotiations with the suspected hacker to potentially recover the stolen funds.
The wallet associated with the exploit stole roughly 38,530 Solana tokens and about $123,180 USDC, amounting to illicit gains of around $1,035,000.
Shortly after the theft, the alleged wallet reportedly transferred 30,000 USDC to Binance’s Solana USDC address.