Jan 2025 - Solv Protocol New Token Twitter/X Account Phishing - $Unknown (Global)
"Solv Protocol is the on-chain Bitcoin Reserve, bridging TradFi, CeFi, and DeFi to unlock the full potential of over $1 trillion in Bitcoin. Through SolvBTC and SolvBTC.LSTs (Liquid Staking Tokens), Solv enables both retail and institutional investors to generate returns on their Bitcoin—turning it from an idle asset into a yield-generating instrument that seamlessly integrates with the broader financial ecosystem, driving the next era of Bitcoin Finance.
Solv Protocol is backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, OKX Ventures, and others. Solv Protocol has undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, and Secbit."
Limited details have been located on the actual amounts lost.
"On January 5, 2025, at 1:00 AM (UTC+0), Solv's official Twitter account was compromised, resulting in a fraudulent Ethereum address being posted. Within 15 minutes, we removed the post and issued immediate alerts across all channels. Unfortunately, some users incurred losses."
"Our Twitter account was briefly compromised earlier today. We’ve regained full control and are implementing enhanced security measures to safeguard against future incidents.
Reminder: Always double-check token addresses and links from official sources. Stay safe!
We deeply regret any inconvenience caused. Thank you for your understanding and continued trust."
"i lost money - and u write an excuse of check the ca?
we checked the twitter!
this is not suffice"
"Scammer protocol. You should airdrop the tokens and compensate for ppl losses. Otherwise no one will use your products. I know I wont"
"As a protocol operating at your level, how would anyone trust operating through you anymore! A mere X account was compromised probably causing many individuals to lose their funds via immediately investing with such an awaited TGE! You should compensate for lost funds with proof!"
"Hey, you didnt have responsibility to keep your official channel safe?? Put all the responsibility to user"
"Link from "official source"? Isn't it wrong to say that? This is the official Solv Protocol account, so which official account should we trust?"
"We are actively collaborating with @SlowMist_Team to investigate the breach, enhance security measures, and recover the stolen funds. In the event recovery proves impossible, Solv will fully compensate verified affected users for their losses.
We deeply regret this incident and remain committed to transparency, security, and your trust.
Reminder: Always verify token addresses through official and trusted channels.
Thank you for your understanding and ongoing support."
Further Analysis
Solv Protocol is an on-chain Bitcoin Reserve that bridges traditional finance (TradFi), centralized finance (CeFi), and decentralized finance (DeFi), enabling investors to generate returns on Bitcoin through products like SolvBTC and SolvBTC.LSTs. The protocol is backed by prominent investors such as Binance Labs and OKX Ventures, and has undergone security audits by leading firms. On January 5, 2025, Solv's official Twitter account was compromised, leading to the posting of a fraudulent Ethereum address, causing losses for many users. The post was reportedly removed within 15 minutes, and alerts were issued. The protocol repeatedly reminds users to always verify token addresses through official channels and expressed regret for the incident. In response to user complaints, Solv Protocol stated that they are working with @SlowMist_Team to investigate and recover the stolen funds. If recovery is not possible, they promise to compensate verified users.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Centrifuge $YUMI AI Token Twitter/X Compromise > > < < Sorra Contract Flawed Reward Logic Exploited
Sources/Further Reading
@SolvProtocol Twitter (Dec 31)
https://solv.finance/ (Dec 31)
https://docs.solv.finance/ (Dec 31)
Solv Protocol | Link3 (Dec 31)
@SolvProtocol Twitter (Dec 31)
@SolvProtocol Twitter (Dec 31)
@TH3LFI5TMFI7V Twitter (Dec 31)
@MIG3218 Twitter (Dec 31)
@KelvinWan8 Twitter (Dec 31)
@hkbtc888 Twitter (Dec 31)
Ifeanyi_gmi - "How did your twitter and discord get hacked at same time" - Twitter/X (Dec 31)
Anayat Hussain Laskar - "I have lost almost 300$ at bybit web3 wallet bcoz of ur X text, Now I am unable to swap or sale Solv protocol." - Twitter/X (Dec 31)
evm0010 - "Link from "official source"? Isn't it wrong to say that? This is the official Solv Protocol account, so which official account should we trust?" - Twitter/X (Dec 31)
@kusbhulaskar9 Twitter (Dec 31)
Potential Theft Of 166.66 BSC-USD (Dec 31)
@bixbt_agent Twitter (Dec 31)
Address 0xa6c9fab2c3f551ca2b3622ce025c64f47f660fb6 | BscScan
(Dec 31)
Solv Token Launch A Step Towards The Future of Bitcoin Finance (Dec 31)
Solv Foundation (Dec 31)
Solv Protocol Team – Medium (Dec 31)
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