Web3 Diaries-Solana Based Cypher Protocol Experiences Exploit
Cypher, a Solana-based decentralised exchange, lost about $1 million in cryptocurrency on Monday due to a vulnerability or security breach.
Contracts for the protocol have now been halted while donors seek to contact hackers to negotiate a refund of cash.
Cypher is one of the fastest-growing protocols on the Solana blockchain, thanks in part to its loyalty programme, which rewards depositors and dealers with points that many users anticipate will be used to set up an airdrop.
Sino Global Files $67 mn Claim Against FTX – Alameda
Sino Global Capital, directed by Matthew Graham, has filed a $67.3 million lawsuit against FTX Trading Ltd. on behalf of Sino’s Liquid Value fund, which it launched in collaboration with Sam Bankman-Fried in 2021.
The fund sought to raise $200 million from high-net-worth people. This method was novel for Sino because it was the first time the company sought outside funding through a formal fund vehicle.
Lido Attracted 10K Ether Stakers To Protocol In July
Lido, one of the most popular liquid-staking platforms, had 10,000 unique ether (ETH) depositors join the protocol in July, adding to total value locked (TVL) exceeding $15 billion in tokens, a number not seen since May 2022.
According to Lido’s monthly report, the number of unique ether deposits has topped 166,000, signifying a 6.66% rise over the previous month. Lido’s TVL surpassed $15 billion on July 14, albeit it is now $14.81 billion because to the recent drop in the price of ether.
The increase in both metrics comes as the quantity of ETH (stETH) staked in DeFi liquidity pools fell by more than 53% to around 161,000.
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