Inside Job Uncovered
A core developer of the Solana-based Cypher Protocol, Hoak, has confessed to stealing over $300,000 from the project’s users. The theft was discovered after a user reported issues withdrawing funds, leading to an investigation that revealed Hoak had withdrawn assets from the Redemption Package Contract unnoticed for months.
Gambling Addiction Revealed
Hoak has publicly apologized, admitting to a crippling gambling addiction that drove him to steal the funds. He claims to have gambled away the money, leaving little hope of recovery.
Mixed Reactions
The community’s response to Hoak’s confession has been mixed. Some sympathize with his addiction, while others believe he is using it as an excuse. The incident highlights the issue of problem gambling in the cryptocurrency community, as cryptocurrencies can be perceived as a form of gambling for some individuals.
Solana’s Current Status
Solana’s price remains unaffected by the incident, currently trading at $144.62.
