Hackers Drain $2.7M from Solv Protocol, Project Offers 10% Bounty - Crypto Economy

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

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