Hack history / 2023 / Hack or exploit
Cypher
Hack or exploit on Aug 7, 2023 · Spot Price Manipulation
SOURCES AGREE ON DATE AND LOSS · 3 SOURCES
Lost
$1M
dollars at the time
Returned
$600K
58% of the loss, as a source states it
Rank
#914
among thefts by dollars lost
What happened
Cypher Protocol, a Solana-based futures exchange, was exploited for ~$1.035M via flashloan-enabled price manipulation. The attacker artificially inflated token prices through flashloans and exploited the protocol's economic model through repeated buying and selling at manipulated prices.
Details
- Date
- Aug 7, 2023
- Kind
- Hack or exploit
- Method
- Spot Price Manipulation
- How in
- Price, oracle and governance
- Target
- DeFi protocol
- Chains
- Solana
After the theft
- Frozen
- $600K
“On August 18, Cypher stated that approximately $600,000 has been frozen on various centralized exchanges (CEXs), and the return of these funds will depend on the cooperation of these CEXs and seizure orders issued by law enforcement agencies.” (SlowMist Hacked) - Recovered or frozen
- $600K
“$1.0M taken, $435K after recovery or freezing” (Web3 Is Going Great)
Related incidents
Cypher contributor admits to stealing over $300,000 due to "crippling gambling addiction" 2024 · Hack or exploit · $316K
Jimbos Protocol 2023 · Hack or exploit · $7.5M
ParaSpace Lending V1 2023 · Hack or exploit · $5M
Platypus Finance 2023 · Hack or exploit · $2.1M
Zunami Protocol 2023 · Hack or exploit · $2.1M
Jimbos Protocol 2023 · Hack or exploit · $7.5M
ParaSpace Lending V1 2023 · Hack or exploit · $5M
Platypus Finance 2023 · Hack or exploit · $2.1M
Zunami Protocol 2023 · Hack or exploit · $2.1M
Cite this page
SwanBluechip, "Cypher hack, Aug 7, 2023: $1M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/htf873183900/ (data as of 2026-10-31).