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An unidentified individual has attacked the Solv Protocol platform, which operates on the Bitcoin blockchain, and has withdrawn $2.7 million in cryptocurrency from its reserves. The platform is willing to offer the hacker a reward of 10% of the stolen amount for the return of the funds.
According to the platform’s statement, no more than 10 users were affected by the attack. The project team has promised to reimburse the loss of 38.05 Solv Protocol BTC (SolvBTC), a token pegged to the value of Bitcoin. The exact details surrounding the breach are still being investigated. It is believed that the funds were stolen through a vulnerability in one of Solv’s smart contracts. This vulnerability enabled the hacker to mint additional tokens utilized by the protocol. The perpetrator exploited this weakness 22 times, subsequently exchanging hundreds of millions of tokens for 38 SolvBTC, according to security experts from the platform.
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Solv is a cryptocurrency platform that allows users to deposit Bitcoins in exchange for Solv Protocol BTC tokens. These coins can be utilized for lending, borrowing, or staking on other blockchains. Currently, the project manages a reserve of 24,226 Bitcoins, valued at over $1.7 billion.
At the end of February, the crypto project IoTeX also experienced an exploit: a hacker gained access to the TokenSafe and MinterPool smart contracts due to a compromised private key and withdrew over $8.8 million. Previously, the crypto lending protocol Moonwell reported a hacking incident where $1.78 million was stolen due to an error made by artificial intelligence.
Some platforms that have been hacked in the past are struggling to recover from the aftermath and are shutting down. The project Step Finance, part of the Solana ecosystem, announced the closure of its subsidiaries SolanaFloor and Remora Markets following a hack exceeding $27 million and unsuccessful attempts to secure funding.
