Solv co-founder Meng Yan says he was out of daily operations and not involved in BTC+ business

News Editor

2026-10-08 02:51:28

Solv Protocol co-founder Meng Yan said he had already stepped away from the project’s day-to-day operations and was not involved in the BTC+ business when the disputed incident took place. In a public post cited by ChainCatcher, Meng said a user who identified as the party involved later contacted him and asked him to communicate with Solv’s business team. Meng said Solv had disclosed a BTC+ security incident in July, and that a 50 BTC deposit and the follow-up actions tied to it formed an important condition used in the attack path. He said the attack happened three days after those actions, and that Solv detected and stopped it in time, protecting user funds in BTC+. He added that the available facts alone do not prove the two matters were necessarily connected, but were enough to trigger a higher-level security review. According to Meng, Solv did not ask the user to complete any form of KYC, nor does it require ordinary BTC+ users to verify their real names. The review instead focused on whether the user’s identity and account explanations were consistent, whether the related accounts were under the user’s control, and whether the account of key actions matched objective records.

Solv Protocol co-founder Meng Yan said he had exited the project’s daily operations and was not involved in the BTC+ business, adding that he was unaware of the matter when it happened, according to ChainCatcher. Meng said a user claiming to be the person involved later reached out to him and asked him to communicate with the business team.

Meng comments on the July BTC+ security incident

Meng said Solv disclosed a BTC+ security incident in July. He said a 50 BTC deposit and the follow-up actions tied to it formed an important condition used in the attack path. The attack took place just three days after those actions, and Solv identified and blocked it in time, protecting BTC+ user funds.

He said those facts alone do not prove the two matters were necessarily related. Still, he said they were enough to trigger a higher-level security review. On that basis, risk control placed the funds under protection and asked the user to provide an explanation.

Review focused on consistency of explanations, not KYC

Meng said Solv never asked the user to complete any form of KYC during the review, and that ordinary BTC+ users are not required to verify their real names. He said the review was aimed at checking whether the user’s submitted identity and account explanations were consistent, whether the related accounts were controlled by that user, and whether the explanation for key actions could be matched against objective records.

According to the risk-control feedback cited by Meng, the user had used multiple different names and online identities over time, and explanations around several key facts were inconsistent.

Two examples cited by risk control

Meng said the user explained the July 18 operation by saying it was made after seeing another similar transaction. Solv’s review, however, found that the referenced transaction took place on July 20. The user later said the action was based on content seen on Solv’s official website, but Meng said the page did not contain the content the user described at that time.

Meng said the security restrictions could not be lifted before the outstanding questions were resolved. He also said Solv had never refused to address the matter through formal channels such as judicial procedures.

Meng says the assets remain intact

In a section he labeled as personal thoughts, Meng said that, to the best of his understanding, the assets remain fully intact and can be verified on-chain, and have not been transferred, pledged, or otherwise disposed of.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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