0
0
Cyber Theft Confession: Cyber Protocol Contributor Hoak Admits Stealing Over $184,000
Cypher protocol contributor “Hoak” publicly admitted to embezzling more than $184,000 in community funds in order to satisfy a burgeoning gambling addiction. The revelation was made via a statement on Twitter on Tuesday.
In the statement, the developer, using the pseudonym “Hoak”, expressed remorse for his actions and acknowledged the veracity of the allegations against him. He confessed to squandering the pilfered funds through gambling, but maintained that he did not abscond with the money or share it with anyone else.
Hoak’s admission came as the result of an ongoing investigation within the Cypher Protocol Discord server, a decentralized exchange platform that operates on the Solana blockchain. The individual disclosed that his actions stemmed from a severe gambling addiction coupled with various psychological issues.
Background of the Theft
According to Hoak, the series of events that led to the theft at Cypher Protocol traced back to an incident at the Solana Breakpoint conference in November 2021. Hoak named his brother and Max from Mango DAO as the victims of his actions, drawing parallels between the harm done to them and the harm he ultimately inflicted on another individual.
The theft, as disclosed by Hoak, was executed through 36 withdrawal transactions over several months, resulting in the misappropriation of assets such as ETH, RLB, ORCA, RAY, USDT, USDC, BONK, JitoSOL, mSOL, and WSOL. The stolen funds were reportedly transferred to Binance, amounting to $314,674 in USDT, USDC, and Solana (SOL).
Repercussions
Core contributor Barrett unveiled details of the theft on Twitter, expressing dismay over the incident. Barrett lamented the betrayal by a team member who had remained committed to rebuilding the project following a previous exploit. The revelation prompted a swift response, with law enforcement being notified and an investigation launched.
Internet Sleuth ZachXBT, who had previously assisted the Cypher Protocol team with an exploit in 2023, confirmed knowledge of Hoak’s identity. ZachXBT indicated willingness to provide Hoak’s personal information to authorities if necessary.
Conclusion
In conclusion, the episode involving Hoak’s embezzlement of community funds underscores the importance of maintaining transparency and accountability within decentralized platforms. The incident serves as a cautionary tale of the risks posed by unchecked addictions and psychological vulnerabilities in the realm of cryptocurrency and blockchain technology.
Image/Photo credit: source url
