Bitcoin DeFi Platform Solv Protocol Hit by $2.7M Exploit

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Solv Protocol has confirmed that one of its token vaults was exploited, resulting in approximately $2.7 million in losses. The platform said fewer than 10 users were affected and announced it would fully cover the loss of 38.05 SolvBTC, a token pegged to Bitcoin.

Solv Protocol allows users to deposit Bitcoin and receive SolvBTC, which can then be used for lending, borrowing, or staking across different blockchains. The project claims to hold more than 24,000 Bitcoin in reserves, worth over $1.7 billion, making it one of the largest on-chain Bitcoin reserve platforms in the decentralized finance ecosystem.

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love how they’re offering the hacker a 10% bounty like “please be a good thief and return our money”