As the popularity of cryptocurrencies continues to grow, incidents of hacking and fraud are also on the rise.
However, this time a different situation occurred. Hoak, a developer at Cypher, a decentralized exchange based on Solana (SOL), admitted to stealing approximately $315,000 in user funds and gambling them away.
The pseudonymous developer known as Hoak admitted to stealing hundreds of thousands of dollars worth of cryptocurrency from Cypher's hack refund fund.
In his statement, Hoak admitted that he took the money, gambled and lost it.
Hoak's admission comes a day after he shared that another of Cypher's developers, Barrett, had systematically withdrawn cryptocurrency from the protocol's hack payback fund over several months, starting in December.
Citing on-chain data, Barrett said Hoak sent approximately $300,000 worth of cryptocurrency to Binance.
As you may remember, Cypher suffered a hack attack in August 2023 and lost over $1 million in cryptocurrencies (SOL and USDC).
*This is not investment advice.