Cypher Protocol, a decentralized finance (DeFi) protocol built on the Solana Blockchain, fell victim to a substantial security breach resulting in an estimated loss of $1 million. 

Cypher Protocol is a decentralized futures exchange that allows retail and institutional investors to create and trade pre-public markets.

Unauthorized Transfer Of Funds Leads To Contract Freeze

On August 7th, Cypher Protocol reported a security breach to its 13,500 followers on X (formerly known as Twitter). The breach resulted in the unauthorized transfer of approximately 38,530 Solana (SOL) tokens and $123,184 USD Coin (USDC), culminating in a staggering $1,035,203 loss. 

Known for its loyalty and rewards program to depositors and users, this incident has caused some serious damage to Cypher …