Cypher Protocol, a decentralized futures exchange based on Solana, has frozen its smart contract after an estimated $1 million exploit. The team is investigating the cause of the exploit and has reached out to the hacker to negotiate a potential return of stolen funds. The wallet believed to be tied to the exploit managed to steal approximately 38,530 Solana (SOL) tokens as well as $123,184 USD Coin (USDC) — netting a total of $1,035,203 in illicitly gained funds.

The alleged hacker transferred 30,000 USDC to Binance's Solana USDC address in a possible attempt to cash out the stolen funds. Marginfi, which co-hosts the mtnDAO hacker house event with Cypher Protocol, remains independent and has not been impacted by the attack.