Solv Protocol offers 10% bounty after hacker snatches $2.7M
Crypto security researchers say the hacker exploited a bug allowing them to mint tokens, before swapping the freely-gained tokens for another tied to Bitcoin.
Bitcoin-based decentralized finance platform Solv Protocol says one of its token vaults was exploited for $2.7 million and has offered the attacker a 10% bounty in exchange for returning the stolen funds.
Solv said in an X post on Thursday that less than 10 of its users were impacted, but it would cover the loss of 38.05 Solv Protocol BTC (SolvBTC), a token pegged to Bitcoin (BTC).
The project added that it had implemented measures to prevent the same attack from recurring and was investigating the exploit with crypto security firms Hypernative Labs, SlowMist and CertiK.