Solv Protocol suffered an exploit that resulted in the draining of approximately 38 SolvBTC from one of its structured yield vaults, known as Bitcoin Reserve Offerings (BRO). The stolen amount is equivalent to around $2.7 million. According to reports, fewer than ten users were affected.
According to preliminary analysis by external security researchers, the attacker exploited a double-minting flaw in a BitcoinReserveOffering contract. The automated bot operated by security firm Decurity recorded that the exploit was executed 22 times, which allowed 135 BRO tokens to be inflated to approximately 567 million before being converted into SolvBTC.
The researcher known as Pyro classified the incident as a reentrancy attack, a technique in which repeated calls to a smart contract allow the internal accounting to be manipulated before balances are correctly updated.
Solv Protocol confirmed it will compensate affected users for the total loss of 38.05 SolvBTC. The protocol also offered a 10% bounty on the stolen funds if the attacker returns them to the designated address. So far, there has been no response from the party responsible for the exploit.
Source: https://x.com/SolvProtocol/status/2029612210490933697
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions
