Cypher core contributor admits to stealing $260K and gambling it away
The contributor, “hoak,” said their actions were due to a “crippling gambling addiction” and “psychological factors that went by unchecked.”
An anonymous core contributor to the Solana exchange Cypher Protocol has confessed to stealing and gambling away around $260,000 worth of the project’s cryptocurrency recovered from a $1 million exploit last year.
“The allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else,” the contributor, who goes by “hoak” wrote in a public statement they shared in a May 14 X post.
Anonymous Cypher contributor “Barrett” had earlier posted a document to X alleging that a wallet owned by hoak made 36 transactions withdrawing various amounts of Ether (ETH), Bonk (BONK), Wrapped Solana (wSOL) and other cryptocurrencies from Cypher’s redemption contract — totaling around $260,000.
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Author: Jesse Coghlan
