Hoak’s admission comes one day after Cypher’s founder Barrett accused him of systematically draining troves of valuable cryptos from the protocol’s redemption contract over multiple months, beginning in December. Citing on-chain data, Barrett said Hoak ultimately sent assets worth around $300,000 (at current market prices) to Binance, presumably to cash them out.
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- Source: https://www.coindesk.com/business/2024/05/14/insider-at-solanas-cypher-protocol-admits-to-stealing-300k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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