A developer for a crypto training platform stole $317,000 from the company’s hack reimbursement fund to feed his gambling addiction. [Image: Shutterstock.com]

A developer using the pseudonym “Hoak” stole $317,000 from the Solana-based trading exchange Cypher and used the funds to feed his gambling addiction. He admitted on Tuesday in an apology letter to taking the money over a number of months from the company’s hack reimbursement fund.

He transferred the range of cryptocurrencies to a Binance wallet over 36 separate payments. Talking about his struggles, Hoak said: “This is the culmination of what snowballed into a crippling gambling addiction and probably multiple other psychological factors.”

suffered a hack in August which led to the loss of $1m

Cypher suffered a hack in August which led to the loss of $1m and the redemption contract was set up to reimburse people. The individuals behind the protocol eventually discovered the theft after a user had an issue getting their redemption.

The head of Cypher, who goes by “Barrett,” confronted Hoak on Monday, which led to the developer holding his hands up and revealing the truth. He acknowledged that he will have to face his punishment and law enforcement is already aware of the matter.