An employee of the Solana-based Cypher decentralized exchange (DEX) stole about $315,000 from the project and lost the funds in gambling. On his X (formerly Twitter), he admitted his guilt and accepted that he would have to face the consequences.
A project participant under the pseudonym Hoak wrote that over the past few years he had been causing pain to those closest to him who did not deserve it.
Another Cypher employee, Barrett, published a document in X where he described the process of stealing funds. He also commented on the actions of his former colleague.
“This is incredibly sad for me. I never thought it was possible that the main project participant who stayed behind after the exploit to try to restore the exchange was the one who embezzled funds from the buyout contract,” Barrett wrote.
In addition, he explained that Hoak was withdrawing money from the contract to buy back Cypher. Then he exchanged assets and withdrew Solana, USDC and USDT to an intermediary wallet, from which he sent funds to Binance.
Barrett said that he had already contacted law enforcement agencies and provided them with the relevant document.
