According to Cointelegraph, Cypher Protocol, a Solana-based decentralised futures exchange, managed to freeze $600,000 worth of crypto. It is expected these crypto were stolen from an August 7, 2023, security exploit.
Sources revealed that Cypher Protocol tweeted that over half of the funds stolen have been successfully frozen across centralised exchanges with the help of independent blockchain investigators, Cointelegraph added.
“The return of these funds will be predicated on the cooperation of these CEXs and seizure warrants being issued by law enforcement,” Cypher tweeted.
It is believed “The value used for redemption in relation to a margin account will be based on a snapshot of the account’s assets at the time Cypher protocol was frozen.” Supposedly, the amount was about one cent on the dollar, Cointelegraph concluded.
(With insights from Cointelegraph)