Cypher plans to conduct the IDO in advance, with 7.3% of the tokens allocated to compensate users affected by the attack incident

ChainCatcher news, according to official information, the Solana ecosystem DEX Cypher plans to conduct its IDO (originally scheduled for the end of September) ahead of time to compensate users affected by the attack incident. Cypher will use the funds raised from the IDO to finance development and replenish the project treasury. Over 45% of the tokens will be sold to the public, 23% allocated to the team, 11% to investors, 1.2% to advisors, and 12% for growth incentive programs. Additionally, 7.3% will be used for airdrops to depositors who lost funds due to the hack.

Before launching the IDO, Cypher will transfer funds from the existing smart contract to a new smart contract. This will help affected users claim the designated redemption packages. The airdrop will be conducted according to the proportions determined by the snapshot taken when the protocol was frozen, and details regarding the airdrop will be announced soon.

Previous news, Cypher suffered a vulnerability attack, resulting in a loss of nearly $1 million in cryptocurrency.