Solv Protocol Offers Hacker 10% Bounty After DeFi Exploit

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After suffering a $2.7 million exploit, Solv Protocol has offered the attacker a 10% bounty in exchange for returning the stolen funds. The Bitcoin-based DeFi platform posted an Ethereum wallet address publicly to encourage the hacker to negotiate and recover the assets.

Security researchers believe the attack involved a vulnerability in one of the protocol’s smart contracts, possibly allowing the attacker to mint excessive tokens and swap them for SolvBTC. The investigation is now being conducted with cybersecurity firms including SlowMist, CertiK, and Hypernative as the platform works to prevent similar exploits in the future.

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solvbtc pegged to bitcoin until someone mints a bunch and suddenly it’s not lol