Former Tried to Kill Project With $2 Million Theft

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  • A former employee has admitted to siphonning roughly $2 million from the project
  • The ex-employee admitted that he drained the funds in an attempt to kill the project
  • The attack was conducted due to alleged poor management

A former employee has admitted to draining approximately $2 million from the project in an attempt to cripple the project. The ex-employee was later seen sending the funds to random wallets on the Solana blockchain, with some of the addresses confirming having received the funds. The former employee said the project is “horribly managed” and that he’s ready to go to jail, something that further reduces the chances of recovering the funds.

Bonding Curve Contracts Targeted

According to the memecoin project, the ex-employee attacked the platform’s bonding curve contracts, forcing the team to temporarily pause the project as they upgraded the contracts.

In an X post, the exploiter said that he understands that his actions constitute a crime and that he knows the team already knows his identity. He tried to justify the theft saying that the project is poorly managed and that the project would eventually “wind up dead.”

Responding to a question on why he stole from the project in an X Spaces session, the attacker said he wanted to kill the project “because it’s something to do,” adding that the project was already on a downward spiral. 

Cypher Protocol Developer Admits to Steal Funds

His bold response raises questions about whether the project was planning to rug its users or it’s just some bad blood between him and his former boss.

The incident comes a day after Solana’s Cypher protocol developer admitted to stealing $300,000 from the project to fuel his gambling appetite. It also comes a month after on-chain sleuth ZachXBT disclosed that malicious actors are posing as blockchain project developers as a way to lure victims.

Although the attacker said he’s ready to go to jail, it’s to be seen whether the project will involve law enforcement agencies or it’ll appeal to those who received the funds to return them.