Solv Protocol says exploit drained $2.7 million from Bitcoin yield vault
Bitcoin-centric DeFi platform Solv Protocol said there was a “limited exploit” of one of its BRO token vaults, allegedly affecting less than 10 users.
In an X post on Thursday, the team said it would cover the losses of 38.0474 SolvBTC, worth about $2.7 million at the time of the attack.
Solv Protocol is an onchain Bitcoin reserve aimed at turning BTC into a productive asset. SolvBTC, the flagship wrapped asset in Solv's suite of treasury and capital-market products, enables retail and institutional investors to earn yield on their BTC holdings.
The protocol also features structured yield vaults called Bitcoin Reserve Offerings (BRO).
According to security firm Decurity’s automated bot, the attacker was able to abuse a double-minting flaw in a 'BitcoinReserveOffering' contract 22 times, turning 135 BRO into 567 million BRO, which were then exchanged for about 38 SolvBTC.
“All other vaults and user funds remain secure and unaffected. We're actively investigating with top security partners and have taken steps to prevent any recurrences,” Solv said on X, noting it worked with Hypernative Labs, SlowMist, and CertiK security firms.
Solv is offering the exploiter a 10% white hat bounty to return the funds.
There is over $508 million total value locked in SolvBTC. Solve refers to itself as the largest onchain bitcoin reserve, with a BTC balance of 24,226 coins, according to its website.
Last year, Beijing-based Zeta Network Group (NASDAQ: ZNB) said it was looking to raise $230 million in a private placement as it built out a crypto treasury containing BTC and SolvBTC.
Solv counts Binance Labs, Blockchain Capital, and OKX Ventures, among others, as backers.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US CPI Exceeds Expectations Again, Waller's Warning Comes True! Wall Street Focuses on Whether December Rate Hike Will Be 25 or 50 Basis Points; "New Fed News Agency": Stop-and-Go Strategy Faces Test
The "New Federal Reserve Newsletter" pointed out that before the release of the CPI, Waller suggested the possibility of a 50-basis-point rate hike in December, and so far, no other Fed officials have publicly responded. In addition to a single 50-basis-point hike, the Fed may also choose to signal consecutive rate hikes in December and January. Wall Street generally believes that inflationary pressures remain stubborn, further strengthening the case for a rate hike in December, though a 50-basis-point increase is not a consensus. The market is concerned about whether the Fed will extend the tightening cycle.
CPI Deals a Blow to US Bonds! 2-Year Yield Surges Over 20 Basis Points Intraday, Gold and Silver Plunge
After the release of the CPI, traders began to expect a lower likelihood of a 50 basis point rate hike in December; this year’s Federal Reserve voting member Logan stated that a faster pace of rate hikes may be needed this winter, with at least two more 25 basis point hikes required before pausing. Subsequently, the rise in U.S. Treasury yields continued to widen, with the 10-year yield climbing back above 5.0% and rising more than 10 basis points intraday; spot gold once fell over 3%, while spot silver at one point dropped more than 4%.
Historical Data Reveals When XRP Could Peak This Cycle
GUCCI’s parent company targets the traditional gold business
Crypto prices
More
