Cypher Protocol Recovers Half of $1 Million Lost in Exploit

Cypher Protocol Recovers Half of $1 Million Lost in Exploit



Cypher Protocol managed to retrieve about half of the funds they lost, amounting to around $600,000. The firm faced a major setback on August 7 when an attacker exploited their system, leading to a loss of nearly $1 million.



A week later, on August 17, Cypher Protocol disclosed through its X account that they've secured nearly 50% of the lost funds across various CEX platforms. The malefactor exploited vulnerabilities on some DEXs, using a variety of accounts to snatch assets in diverse digital currencies including USDT, SOL, and wETH.



By August 10, Cypher Protocol reached out to the perpetrator, offering a white hat reward of roughly $120,000, or 10% of the stolen funds. However, the attacker didn't comply, prompting the firm to make the bounty offer public. To address the theft, the company rolled out a restitution plan for the


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