Solana-Backed Cypher Loses $1M In Crypto Due To Exploit, Freezes Smart Contract
Portfolio Pulse from Benzinga Neuro
Decentralized exchange Cypher, backed by Solana, lost nearly $1 million in a security breach. The protocol's contracts have been frozen as contributors negotiate with the hackers for a fund return. Marginfi, a Solana trading protocol, clarified it was unaffected by the hack.
August 08, 2023 | 7:52 am
News sentiment analysis
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NEGATIVE IMPACT
Solana-backed Cypher's security breach and loss of nearly $1 million could negatively impact Solana's reputation and potentially its price.
As Cypher is backed by Solana, a security breach and significant loss at Cypher could negatively impact investor sentiment towards Solana, potentially leading to a decrease in its price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The security breach at Solana-backed Cypher could potentially impact the USD value of Solana.
The security breach at Cypher, which is backed by Solana, could negatively impact investor sentiment towards Solana, potentially leading to a decrease in its USD value.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100