#volo protocol

[rwatimes]

Another DeFi company loses millions in fresh exploit

Total industry losses from hacks now exceed $10 billion.

➤ Volo Protocol, a DeFi platform on the Sui blockchain, lost approximately $3.5 million in an exploit targeting vaults containing WBTC, tokenized gold, and stablecoins. ➤ The protocol's team is absorbing the loss and has frozen affected systems, securing $500,000 of stolen assets. ➤ This incident contributes to the over $10 billion in total losses from DeFi and bridge hacks, highlighting ongoing security risks in the sector.

[rwatimes]

Volo claims successful recovery of ‘90% of stolen funds’ within days of exploit

The Volo Protocol discovered the attack on 22 April and the team promptly isolated $500K in compromised assets...

➤ Volo Protocol has successfully recovered 90% of the $3.5 million in assets (WBTC, XAUm, USDC) stolen during a recent exploit on the Sui blockchain. ➤ The protocol compensated for the remaining losses from its treasury and is working to restore full functionality, assuring users they will not face any financial impact. ➤ The incident caused a minor dip in Volo's Total Value Locked (TVL) and a slight decline in the SUI token price, but swift action by Volo and support from the Sui Foundation mitigated further damage.

[rwatimes]

Another DeFi protocol loses millions in hack days after KelpDAO breach

Another day, another exploit. The security crisis in blockchain-based decentralized finance (DeFi), once touted as a challenger to legacy infrastructure, is only getting worse. The

➤ Volo Protocol, a DeFi platform on the Sui blockchain, suffered a hack resulting in the loss of approximately $3.5 million from three specific vaults. ➤ The exploit targeted vaults containing wrapped bitcoin (WBTC), tokenized gold (XAUm), and USDC, adding to a growing trend of DeFi security breaches. ➤ This incident follows the KelpDAO exploit and highlights ongoing concerns about smart contract security and the flow of institutional capital into DeFi despite increasing hacks.

[rwatimes]

Sui-based Volo Protocol exploited; team pledges to absorb losses

Sui-based liquid staking platform Volo reported that it was exploited for roughly $3.5 million from its WBTC, XAUm, and USDC vaults.

➤ Volo Protocol, a liquid staking platform on the Sui blockchain, experienced an exploit resulting in a loss of approximately $3.5 million from its WBTC, XAUm, and USDC vaults. ➤ The protocol has frozen $500,000 of the exploited assets and stated its intention to absorb the loss without impacting users, while other vaults remain secure. ➤ This incident follows other recent exploits in the DeFi space, highlighting ongoing security challenges and the need for robust risk management in tokenized asset platforms.