DeFi Platform Troves Reports 8.6 BTC Loss from Compromised Vaults - KuCoin
On November 1, the DeFi yield strategy platform Troves disclosed that its xWBTC/WBTC vault was compromised, resulting in an initial loss of approximately 8.6 bitcoins.
Troves has revoked the permissions of the compromised contract to prevent further unauthorized access.
The incident involved an outdated asset rebalancing contract that had been replaced but still retained operational permissions.
To mitigate potential risks, Troves has suspended the xWBTC/WBTC, xSTRK/STRK, and xstrkBTC/strkBTC vaults.
No other vaults have been found to suffer actual losses.
Recovery and Next Steps
Troves is collaborating with security agencies to track the stolen funds and explore recovery options.
a detailed incident analysis and arrangements for affected depositors will be announced later.
The platform has not yet disclosed the total value of the loss in fiat currency.
Related
