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Cypher, a cryptocurrency trading platform, has unveiled its strategy for recovery following a significant $1 million setback caused by an exploit. The Solana-operated platform has outlined a two-pronged approach to assist its users in overcoming the financial aftermath.
In the primary step of the recovery plan, Cypher will offer users a proportional redemption deal utilizing its available assets. This redemption option will be accessible through an online interface. However, it's important to note that the platform currently lacks sufficient financial resources to fully compensate all depositors. As a result, the initial phase will distribute the shortfall across all user accounts rather than concentrating it on specific individuals or groups.
The subsequent phase involves Cypher launching an Initial DEX Offering (IDO) to raise funds. The proceeds from this offering will be directed towards conducting audits and enhancing the platform's overall capabilities. As part of this initiative, users will receive a "debt token," representing the outstanding amount owed to them by the platform. This token will also grant users a share of the USD Coin (USDC) profits that Cypher generates in the future. The goal of this token is to gradually facilitate the recovery of users' losses resulting from the recent financial setback.
The Cypher team expressed their commitment to addressing the financial losses suffered by their user community. Once users are compensated, the platform's next step is to collaborate with auditing firms OtterSec and Mad Shield. These firms will conduct a thorough assessment of the updated Cypher version to identify and rectify any underlying vulnerabilities.
For the time being, Cypher's application smart contracts will remain suspended to prioritize security. Operations are planned to resume after a comprehensive assessment, ensuring the platform's integrity is upheld.
Regarding the origin of the $1 million setback that occurred on August 8, the source remains mysterious. Fortunately, exchanges successfully immobilized around $600,000 of the cryptocurrency that was taken during the breach. Cypher is actively dedicated to recovering these funds for its community, either through negotiations with the exchanges involved or by pursuing legal remedies.
