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Volo Protocol, a liquid staking platform built on Sui, said it suffered an exploit that drained about $3.5 million from several vaults. The team froze the affected vaults after detecting the issue, notified the Sui Foundation and ecosystem partners, and later said it had secured $500,000 in assets.
Volo said the attack affected its WBTC, XAUm, and USDC vaults on Sui. The protocol did not disclose the technical cause of the incident or identify any suspected attacker.
In its public statement, Volo said the exploit targeted assets held in those specific vaults. It also stated that the weakness did not affect the rest of the protocol’s products.
Volo said all affected vaults would remain frozen until a full post-mortem and remediation process is complete. The team did not provide a timeline for reopening the vaults, saying the freeze would remain in place until the review is finished.
The protocol added that around $28 million in total value locked across its other vaults remains safe, and that those vaults do not share the same vulnerability seen in the exploited ones.
Volo said it plans to absorb the loss rather than pass it on to users. In its statement, the team wrote: “We want to be clear: Volo is prepared to absorb this loss. We will do our best not to pass this to our users.”
Volo said it used social media to update users as the situation developed, with the main focus on containing the damage and protecting remaining assets. The team also said it froze $500,000 in exploited assets less than 30 minutes after its first announcement, and that the recovery effort is still ongoing without further details on asset tracing.
Volo’s incident came shortly after another large crypto-sector attack. That earlier case involved a $292 million exploit involving Kelp DAO, a LayerZero-powered cross-chain bridge, which investigators linked to North Korea’s Lazarus Group.
Volo said it has not connected its own exploit to any known actor at this stage.
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