• Cypher Protocol has announced that they have managed to freeze over $600,000 worth of stolen cryptocurrencies.
• The protocol has been trying to recover the funds by offering a 10% Whitehat bounty and inviting independent parties to help identify the attacker.
• This announcement comes after other major hacks in August, such as DeFi protocol Zunami ($2.1M stolen), and Steadefi ($1.1M stolen).
Cypher Protocol Freezes Stolen Funds
Cypher protocol has announced a freeze on some stolen funds, amounting to more than $600,000 worth of crypto on various centralized exchanges. The full recovery of the funds will be predicated on the liaison of the involved exchanges and seizure warrants from law enforcement.
Failed Negotiations with Attacker
Cypher contacted the hacker on August 10 and offered a 10% Whitehat bounty if the stolen funds were returned but this yielded no result. They then opened up the bounty to the public but again failed to make progress until they decided to initiate a redemption plan on August 16th.
Other Crypto Hacks in August
In addition to Cypher’s hack, there have been other notable incidents in August including Zunami (with $2.1 million in crypto stolen) and Steadefi (with $1.1 million lost).
Curve Recovers 73% of Stolen Funds
The Curve platform also suffered an exploit, though it was able to recoup 73% of its stolen funds due its quick response time and strong security measures implemented on its platform.
Conclusion
Despite these recent security breaches, it is encouraging that protocols like Cypher are actively making efforts towards recovering their losses through innovative solutions and collaborations with external partners.
