Sui-based Volo Protocol lost approximately $3.5M in WBTC, XAUm, and USDC from three affected vaults. The team froze the vaults immediately, said the rest of the platform’s ~$28M in TVL remains safe, and has already frozen ~$500K of the stolen funds.

Volo is a Sui-based platform offering yield strategies through managed vaults, allowing users to deposit assets and earn returns. It focuses on automated vaults that optimize yield.