Solv co-founder Ryan Chow responded to the recent heated public opinion with a post on X, the full content is as follows:
After a whole day of baseless public opinion attacks on '1800 RUG' and 'private agreements' yesterday, Solv faced even more absurd accusations today. These accusations are all directed at 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.
Firstly, Nubit co-founder Hans publicly accused Solv of misappropriating the underlying BTC of SolvBTC.BBN and attempted to validate this by citing a mempool link (address xxxm5I2). In fact, the mempool link he intercepted pertains to another revenue asset of Solv, SolvBTC.CORE, which is directly evidenced in the screenshots he provided.
Moreover, Hans also accused Solv of urgently submitting an Update request to DeFillama because of 'exposing its faults'. In fact, the BTC participating in SolvBTC.CORE needs to be re-staked to a new script address every two weeks, with the last stake on December 19 being reclaimed on January 2 and re-staked. Each time this is completed, the address must be re-submitted to DeFillama, which is a routine action for Solv in managing the SolvBTC.CORE assets. On-chain information can fully prove Solv's daily operational actions regarding revenue assets.
Additionally, Hans accused SolvBTC.BBN of a decline in TVL during Babylon Cap3, again implying that Solv has misappropriated user assets. In fact, Solv officially began the redemption of SolvBTC.BBN on that day, and changes in TVL are completely normal, further highlighting the liquidity and flexibility that SolvBTC.BBN provides to users.
The content even guides the market to speculate that Solv has a 'BTC triple counting' situation, implying that each BTC in TVL has been counted three times.
Solv has been building for four years, and at this sensitive point just before TGE, it has suffered a series of meticulously planned baseless attacks. In response, we have provided all the facts and evidence, leaving the truth for the market and the public to judge.