Hacker Steals $2.7M From Solv’s Bitcoin Yield Platform

Solv Protocol said one of its Bitcoin vaults was exploited for $2.7 million and has offered the hacker a 10% bounty to return the funds. It added that fewer than 10 users were affected and that it will cover the loss of 38.05 Solv Protocol BTC (SolvBTC). The project said it has implemented measures to prevent a repeat and is investigating the exploit with Hypernative Labs, SlowMist and CertiK.

Solv shared an Ethereum wallet address in its X post to encourage the attacker to accept the 10% bounty, but the hacker has not sent an on-chain message to that address, according to Etherscan. Solv lets users deposit Bitcoin for SolvBTC, which can be lent, borrowed or staked on other blockchains.

The protocol holds 24,226 Bitcoin worth over $1.7 billion and claims it is the largest on-chain Bitcoin reserve. Solv has not confirmed how the exploit occurred, but two security researchers said a smart-contract vulnerability allowed excessive minting of a token used on the protocol.

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