Hoak, a pseudonymous contributor to the Solana-based exchange Cypher, admitted to taking and gambling away the protocol's funds recovered from an exploit. 

Hoak appears to have withdrawn ETH, WSOL, BONK and other cryptocurrencies across 36 transactions from Cypher's redemption contract, another Cypher contributor who goes by Barrett found. Barrett stated in a social media post that he contacted law enforcement regarding Hoak's transactions. 

"I know nothing I say or do will make things better — perhaps other than rotting in jail,” Hook wrote in a Tuesday statement. “To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.” 

Hoak noted that his behavior was due to worsening …