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The Volo crypto protocol, a platform for BTCFi and liquid staking on the Sui Network, reported an attack that resulted in the withdrawal of approximately $3.5 million from three wallets. The affected assets include WBTC, XAUm, and USDC.
In an official statement, the Volo team indicated that they plan to absorb the losses and fully reimburse users for their losses.
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The developers clarified that they promptly notified the Sui Foundation and ecosystem partners about the breach to mitigate damage and have frozen the impacted wallets. Additionally, they successfully prevented the withdrawal of another 19.6 WBTC. Related assets totaling around $500,000 have also been blocked.
According to Volo’s security experts, the attack was localized and did not affect the overall protocol infrastructure—only three wallets were impacted. The remaining assets, valued at approximately $28 million, are secure.
Memento Research estimates that April was the worst month for the decentralized finance (DeFi) sector in terms of total losses. The largest incidents are linked to the Drift and Kelp protocols, with combined damages nearing $600 million.
