Solv Protocol Says Risk Review Delayed Redemption of About 50 BTC
The protocol said the assets remain held within BTC+ and that normal deposits and redemptions continue, while a user says the funds have been inaccessible since July.
Solv Protocol said a risk review has delayed redemption of about 50 Bitcoin (BTC) from its BTC+ product, while the protocol maintains that the assets remain in its custody and normal operations continue.
The protocol characterized the matter as a review of a single transaction. It said BTC+ deposits and redemptions are operating normally and that the affected assets have not been transferred, destroyed or otherwise disposed of.
A user identified as @neillee99 said about 50 BTC was withdrawn from Binance on July 8 and converted through SolvBTC into BTC+. The user said the address has been unable to complete a redemption since a July 13 security incident and that requested records included proof of funds, transaction history and wallet control.
The user also said roughly 60 emails were exchanged with the project without resolving the case. Solv said it will continue examining verifiable information under its risk-management procedures and may involve legal advisers or judicial processes if further verification is needed.
The dispute centers on whether the review can be completed while the assets remain locked from the user’s access.
