Cypher DEX employee stole and lost funds at a casino: internal scandal flares up
Date: 2024-05-15 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
An employee of the Solana-based decentralized exchange (DEX) Cypher admitted to stealing about $315,000 from the project and then losing that amount to gambling. On Platform X (formerly Twitter), he expressed his regret and willingness to face the consequences of his actions. His message caused shock and outrage in the community.
Disclosure of documents and reaction of colleagues
Another employee of the exchange, speaking under the pseudonym Hoak, revealed the details of the theft and described the shocking process during which funds were withdrawn to external wallets. This came as a major shock to the community, as he was considered one of the key contributors left behind from previous platform security issues. Barrett, another employee, confirmed the information and said he was willing to cooperate with law enforcement.
Broad implications and context
This scandal comes after a series of past security issues, with a hack occurring in August 2023 that resulted in the loss of approximately $1 million. Now the Cypher community is facing a new challenge in the form of an internal crisis that undermines trust in the platform and its long-term prospects.
