Cypher Protocol Has IDO Plan To Fix Hack, 7.3% Token Will Be Used For Airdrop

Key Points:

• Cypher Protocol gives the community an early IDO plan, and 7.3% of tokens will be used to airdrop users.
• Cypher will use the proceeds from the sale to fund development and fill the project’s dwindling coffers.
• Earlier this month, Cypher had $1 million hacked, but around $600,000 has been frozen.

Solana-based decentralized futures exchange Cypher Protocol has launched an IDO scheme as part of its recovery efforts from the severe August 7 hack.

Cypher will expedite the IDO, initially planned for the end of September. The primary aim of this advanced IDO is to strengthen the platform’s financial foundation and compensate those affected by the incident.

Before initiating the IDO, Cypher will transition funds from the existing smart contract to a new one. This facilitates the designated redemption for users to claim their packages. The distribution will be based on a pro-rata share determined from a snapshot at the point when the protocol was frozen.

Once the funds are repaid, the team will engage OtterSec and Mad Shield auditors to perform a public check on the patched version of Cypher to uncover any more bugs before they become problems.

The tokenization of the sale is generally skewed towards mass investors. According to Cypher’s post on X, formerly known as Twitter, more than 45% of tokens will be sold to the public, of which 23% will go to the team, 11% to investors, 1.2% to advisors and 12% for growth incentive programs, another 7.3% for token airdrop.

On August 7, this Solana-based DEX experienced an attack that caused $1 million in damage. After much effort, approximately $600k has been frozen across CEXs. The return of this amount will be based on the cooperation of these CEXs and a forfeiture order issued by law enforcement.

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