Insider at Solana’s (SOL) Cypher Protocol Admits to Stealing $300K

Hoak’s admission comes one day after Cypher’s founder Barrett accused him of systematically draining troves of valuable cryptos from the protocol’s redemption contract over multiple months, beginning in December. Citing on-chain data, Barrett said Hoak ultimately sent assets worth around $300,000 (at current market prices) to Binance, presumably to cash them out.