Solana DEX Developer Admits To Stealing And Gambling Away $300M Meant For Hack Victims: 'I F***ed Up Way Too Hard'
Portfolio Pulse from Aniket Verma
A core developer for the Solana-based decentralized exchange Cypher admitted to misappropriating $300 million meant for hack victims, leading to concerns over the integrity of the ecosystem. The developer, known as 'Hoak,' publicly confessed to gambling away the funds. This incident follows a previous hack on the platform, raising further questions about security and trust within the Solana ecosystem.
May 15, 2024 | 8:24 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
The admission by a core developer of Cypher to stealing $300 million meant for hack victims has raised significant concerns about the integrity and security of the Solana ecosystem. This has likely contributed to the recent 1.88% decline in SOL's price.
The public confession of a core developer misappropriating a substantial amount of funds intended for hack victims is a severe blow to the trust and security of the Solana ecosystem. This negative news is likely to impact investor confidence and contribute to the recent decline in SOL's price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100