TechFlow reported that Cypher, a Solana-based decentralized exchange, has announced its solution regarding fund losses following the recent attack. The team stated that approximately $600,000 in funds have already been frozen across various CEXs. The recovery of these assets will depend on cooperation from the respective CEXs and seizure orders issued by law enforcement agencies.
Cypher also announced it will accelerate its Initial DEX Offering (originally planned for the end of September). The primary purpose of advancing the IDO is to strengthen the platform's financial foundation and compensate users affected by the incident. Over 45% of the tokens will be offered to the public, with 23% allocated to the team, 11% to investors, 1.2% distributed to advisors, 12% reserved for growth incentive programs, and an additional 7.3% designated for token airdrops.
The team noted that prior to launching the IDO, Cypher will transfer funds from the existing smart contract to a new smart contract. This transition will enable affected users to claim their designated redemption packages, with distributions based on proportional holdings determined by a snapshot taken at the time of the protocol freeze.
