Solv Protocol Hit by $2.7 Million Exploit, But SOLV Token Remains Unaffected

Solv Protocol suffered an exploit in one of its BRO vaults, resulting in losses of about $2.7 million (38.0474 SolvBTC).

Solv Protocol is a Decentralized Finance (DeFi) platform built around Bitcoin (BTC) yield products. The protocol noted that the scope of the exploit was limited, impacting only a small number of users.

Why it matters:

• Solv has confirmed that they will cover the losses incurred by impacted users.
• The protocol has also called on the attacker to return the funds, offering a 10% white-hat bounty.
• Meanwhile, the protocol’s token, SOLV, remained unaffected by the exploit.
• BeInCrypto Markets data showed that the token rose approximately 2% in the past day, in line with the broader market recovery.

The details:

• Solv Protocol publicly confirmed the exploit and stated that all other vaults and user assets remain unaffected.
• The team stated that the exploit impacted fewer than 10 users.
• Solv also mentioned that they are actively investigating with leading security partners and have implemented measures to prevent similar incidents from happening again.
• As per Decurity’s automated bot, the attacker exploited a double-minting vulnerability in the ‘BitcoinReserveOffering’ contract 22 times, converting 135 BRO into 567 million BRO. The attacker then swapped it for approximately 38 SolvBTC.

The big picture: