Another DeFi hack: Sui ecosystem's Volo loses $3.5 million in crypto assets, team announces they will cover the loss

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BTCFi and LST protocol Volo on the Sui network has suffered a security breach, with approximately $3.5 million in assets (including WBTC, XAUm, and USDC) stolen. The team announced that the official treasury will cover all losses, ensuring no impact on users. (Previous coverage: Faith after the hack: Why does SUI still have long-term growth potential?) (Background: Full analysis: Sui vs. Aptos, which is the leading MOVE-based public chain?) Volo, a BTCFi and Liquid Staking (LST) protocol on the Sui network, experienced a severe security vulnerability early this morning (22nd). Approximately $3.5 million in assets were stolen from three specific Vaults, involving WBTC, XAUm, and USDC. 🔒 Security Incident Update – Volo Protocol We want to address our community directly and transparently about a security incident that occurred earlier today. Rest assured, Volo is prepared to absorb any loss. What happened: An exploit resulted in the removal of approximately… — Volo (@volo_sui) April 21, 2026 Three Vaults affected, remaining $28 million TVL remains secure According to the official Volo announcement, the attack vector was limited to three specific Vaults, and other Vaults within the protocol do not share the same vulnerability path. The team stated that the remaining approximately $28 million in TVL is safe, and the affected Vaults have been fully frozen to prevent further losses. Volo plays a dual role in the Sui ecosystem: on one hand, it acts as a BTCFi protocol, helping users participate in DeFi with Bitcoin-related assets; on the other hand, it provides liquid staking services, allowing users to earn yields on staked assets while receiving tradable LST tokens. Such protocols typically manage multiple independent strategy Vaults, each corresponding to different underlying assets and risk parameters. This incident shows that the attacker precisely targeted specific Vaults with vulnerabilities. Team to absorb losses Volo announced that the official team will bear the losses, and no losses will be passed on to users. The team stated that a full post-mortem report and remediation plan will be released after the investigation concludes, at which time the root cause of the vulnerability and subsequent security enhancements will be explained. We solemnly declare: Volo is prepared to absorb this loss. We will do our utmost to avoid any impact on our users. We are currently managing crisis communications, and once concluded, we will develop a remediation plan and publish the full details as soon as possible.

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