As a crypto investor who has seen my fair share of market volatility and project setbacks, I can’t help but feel a mix of emotions upon reading Hoak’s confession. On one hand, I understand the allure of gambling, especially in the high-stakes world of cryptocurrency. However, I firmly believe that personal responsibilities and ethical standards should always come first.
A mysterious figure going by the pseudonym “Hoak,” who has played a crucial role in the development of the Solana exchange Cypher Protocol without disclosing their identity, has made a revelation.
Last year, the platform suffered a significant exploit that resulted in the theft and gambling away of around $260,000 worth of cryptocurrency from the project. This amount was part of the larger $1 million stolen during the incident. The person involved in this misconduct confessed to these actions.
Confessions and Stolen Crypto
In a publicly released announcement on May 14th, Hoak acknowledged the truth of the accusations against them. They admitted to having used the funds in question for gambling activities. Hoak emphasized that they had not absconded with the money and no one else was involved.
My statement on the situation.
In simpler terms, I’ve made far too many mistakes and caused significant harm. I acknowledge the gravity of my actions and accept the consequences that come with them. I hold no expectation for forgiveness or leniency.
— hoak (@hoakbuilds) May 14, 2024
As a researcher examining the events surrounding the “Hoax” incident within the Cypher community, I cannot overlook the significance of how Barrett, an early whistleblower, was affected by my actions.
Hoak acknowledged that Barrett had been greatly affected by the situation and expressed his belief that there wasn’t much he could do to alleviate her pain, aside from facing the consequences of his actions in prison.
In a different post on X, Barrett revealed that a wallet connected to Hoak was responsible for 36 transactions, which extracted approximately $260,000 worth of Ether, Bonk (BONK), Wrapped Solana (wSOL), and other digital currencies from Cypher’s redemption contract.
Expert: The Hoak account, identified as a contributor to Cypher with the wallet address 7sKMs4mdqFfZgmcZhMnaZayCFqfDEimAf94A2KKXjrWW, is suspected of misappropriating funds from the Cypher redemption contract. This allegation is based on a series of transactions totaling 36 withdrawals, which have been documented.
Summary of movement:
Deployer wallet (ETR8…) withdraws funds from…— cobra ©️ (@barrett_io) May 13, 2024
“Barrett expressed surprise, remarking, ‘I hadn’t imagined this could happen.’ The unexpected turn took place when the team member who remained committed to rebuilding the project turned out to be the one who misappropriated funds from the redemption contract. Authorities have been informed about Hoak’s actions.”
Hoaks Public Statement
As a crypto investor, I’ve come across various challenges in my journey, and unfortunately, Hoak is no exception. In their recent public announcement, they shared their personal experiences, admitting that a “debilitating gambling habit” and other “unattended psychological factors” were the root causes of the theft incident.
They apologized sincerely for the damage caused to both personal and work connections, recognizing the significant influence they had on those most intimate to them.
“Following the unsuccessful launch of Project Citadel due to various personal issues, I had to take a break and regain my bearings. Fortunately, I’ve since found my footing with Cypher,” Hoak expressed in his public announcement.
They shared their experience of putting in considerable effort and striving for innovation within the decentralized exchange (DEX) design realm. Regrettably, they encountered setbacks and ultimately faced a major failure. Despite this, they persevered and eventually reached a breaking point.
In August 2023, Cypher Protocol suffered from a hack that led to the loss of around $1 million in combined value of Solana (SOL) and USD Coins (USDC).
In spite of this unfortunate event, the Cypher Protocol effectively frozen and secured approximately $600,000 in stolen cryptocurrency. Subsequently, they developed a redemption contract and executed a plan to compensate affected users for their losses.
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2024-05-15 15:11