TechFlow reports that Hoak, a contributor to Cypher Protocol—a cross-margin decentralized exchange in the Solana ecosystem—admitted on Twitter to misappropriating nearly $500,000 in community funds due to a gambling addiction.
"I know nothing I say or do can undo what's been done. Perhaps going to prison is the only way," Hoak stated, acknowledging that he used the stolen funds for gambling. According to Barrett, a core contributor at Cypher Protocol, Hoak transferred 314,674 USD worth of USDT, USDC, and Solana (SOL) to Binance. Additionally, he accumulated 184,077 USD in various cryptocurrencies including ETH, RLB, and ORCA.
Hoak wrote: "First and foremost, I sincerely apologize to everyone affected. I know my actions cannot be undone, and I must face the consequences. This was the result of an undiagnosed gambling addiction and multiple underlying psychological issues."
