Solana (SOL) blockchain’s Cypher Protocol is the latest headline in the list of crypto hacks, after suffering an exploit during the afternoon hours of the US session on August 7. The incident has caused up to $1 million in losses, with the network working out a possible recovery.
Solana blockchain is the latest ridicule on Crypto X after one of the protocols under its umbrella, Cypher, was exploited for $1 million. In response, the network has frozen its smart contract, to pave the way for interventions, with the objective to recover as much of the loot as possible. Accordingly, the Cypher Protocol has appealed to the exploiter for negotiations, citing “potential next steps.”
Huobi exchange is the latest crypto platform that has come under the watchful eye of crypto sleuths. Adam Cochran, a crypto analyst, speculated on the social media platform X how Justin Sun could be using the Huobi exchange as his personal piggy bank. He also alleged that the platform could be insolvent and urged users to get their funds out.
According to Cochran, Justin Sun, who is leading the Huobi exchange, could be hiding Huobi’s insolvency. If the alleged rumors have substance, then Sun could be in legal trouble, and the ripple effects could easily negatively impact his TRON project’s token TRX price, which has already slid 18% in the last 17 days.
Ripple’s partial victory against a US financial regulator, through Judge Analisa Torres’ has laid the foundation for leveraging the court ruling in other related cases in Korea.
Prosecutors in Terra LUNA’s trial in Korea are drawing leverage from the US court decision and plan on using the ruling to substantiate their arguments in court.
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