Cypher Protocol Developer Admits to Stealing $315,000 from Community Funds and Gambling It Away

May 15, 2024, 12:45 AM

Hoak, a core contributor to the Cypher Protocol, has admitted to stealing approximately $315,000 from the decentralized exchange's redemption contract and gambling it away. Hoak, who stayed on to help rebuild the project after a $1 million security incident in August 2023, confessed to having a crippling gambling addiction and engaging in similar conduct on other occasions. He expressed remorse for his actions. The stolen amount was taken from community funds.