DER

Solv co-founders respond to public attacks: The accusations regarding Solv's asset security issues are incorrect and self-contradictory

ChainCatcher news, BTCFi project Solv Protocol co-founder Ryan Chow stated, "After experiencing a whole day of baseless public opinion attacks regarding '1,800 RUG' and 'private agreements' yesterday, today Solv has faced even more absurd accusations. These accusations invariably target the core asset security issues, but their basis is erroneous and contradictory, attempting to mislead the public through confusion. In response, we have decided to address these claims head-on and shatter these false statements with facts."Regarding the accusation from Nubit co-founder Hans about the misappropriation of the underlying BTC of SolvBTC.BBN, Chow pointed out that the mempool transactions cited by the other party are actually routine operations of SolvBTC.CORE. According to the project mechanism, SolvBTC.CORE needs to re-stake BTC to a new script address every half month, with the last staking occurring on December 19, and the extraction and re-staking taking place on January 2, which is also the reason for updating the address to DeFiLlama.Additionally, in response to the doubts about the decline in TVL of SolvBTC.BBN during Babylon Cap3, Chow stated that this is due to the project initiating a normal redemption mechanism, which precisely reflects the product's liquidity and flexibility. At the same time, he also refuted market speculation regarding the "BTC three flowers," which suggests that the same BTC is counted three times in the TVL.Chow emphasized that as a project that has been deeply engaged for four years, Solv is facing such a meticulously planned attack during the sensitive period leading up to the TGE (Token Generation Event), and has provided ample on-chain evidence and technical documentation to support its position, inviting the market and users to make their own judgments.
ChainCatcher Building the Web3 world with innovators