Author: @vivilinsv
Compiled by: Bai Hua Blockchain
The "Scam Warning" of the founder of NuBit - the first major crypto event of 2025 is erupting in the #BTCFi field! The turmoil of @SolvProtocol has attracted widespread attention in the crypto circle.
The following is a detailed analysis of the event, including what happened, how the event escalated, and its impact on #BTCFi and the entire industry.
Disclaimer: This article only represents the objective perspective of an observer, and the author has no interest relationship with any party.
1. What happened?
Accusation: User @Clarissexx0805 accused @SolvProtocol of failing to fulfill its promised returns, claiming that she had pledged 1800 BTC, and the team had originally promised her a certain return, but she ultimately only received the minimum return. Solv responded that she did not switch to the higher-yielding product as required.
Solv's response:
@SolvProtocol responded that @Clarissexx0805 chose the product with the lowest return, and although she had the opportunity to switch to a better option, she did not take any action. Therefore, Solv believes it did not make a mistake.
Escalation of the situation:
The situation further escalated when the founder of @nubit_org, @trackoor, issued a "scam warning" and called on users to withdraw from Solv. He compared Solv's transparency to @FTX_Official and accused Solv of having "false TVL". This added fuel to the fire, and Solv subsequently accused him of spreadingFUDinformation.
2. Public Discussion
This controversy has sparked a widespread reaction in the crypto community, with the most prominent being concerns about its transparency.
Critics, such as @nina_rong, @BitHaHa, and @trackoor, questioned why 1800 BTC is still held in @Clarissexx0805's wallet and counted in @SolvProtocol's TVL, raising concerns about transparency.
Supporters of Solv:
In the crypto circle, some have also come forward to defend Solv, claiming that these accusations are "deliberately planned conspiracies" aimed at spreading FUD and damaging the protocol's reputation.
Solv team refutes this as a conspiracy theory: Solv co-founder @myanTokenGeek hinted that this controversy may be an intentional defamation campaign, implying that there may be an organized attack attempt targeting Solv.
Statement by @RyanChow_DeFi:
In his post, Ryan defended @SolvProtocol on the following points:
Transparency: He reiterated that the team has maintained open communication about its operations.
Protocol design: Ryan explained that the 1,800 BTC was pledged through a specific mechanism and calculated in the TVL according to standard DeFi operating procedures.
Accountability: He believes that users need to be responsible for their own fund allocation and proactively seize opportunities to pursue higher returns.
3. Personal Perspective
I met @RyanChow_DeFi and @myanTokenGeek in Shanghai during the 2021 pandemic, and I have always been deeply impressed by their professionalism and resilience. @myanTokenGeek (Mr. Meng) left a very deep impression on me - he is a man full of philosophy, while Ryan is full of youthful vigor and determination. Over the years, the team has been able to continuously innovate through market cycles, which is truly admirable.
1) Responding to the Accusations
The current situation highlights the complexity of disputes in the DeFi field. The following are some key points worth deeper consideration:
Unclear transaction terms: The details of the agreement between @Clarisse and Solv are rather vague. Essentially, it is a "he said, she said" situation, making it difficult to clearly define the responsibilities and commitments of both parties.
Focus of the dispute: the issue of returnsClarisse's accusation is centered on the unfulfilled returns. If the Solv team's explanation is true, that she did not choose to switch her BTC to the higher-yielding product, then the main responsibility should lie with her. But there is also a key question: should Solv have proactively reminded or helped an important user to maximize their returns? Especially in a model that combines centralized and decentralized elements, a friendly reminder could have prevented this turmoil.
Solv's response: The Solv team's response was prompt and well-organized, demonstrating strong crisis management capabilities, providing the crypto industry with an example of how to respond to crises.
Transparencyissue: The founder of @nubit_org, @trackoor, raised reasonable concerns about on-chain transparency. If the protocol could more clearly disclose its operations and data reporting, it would help build trust and avoid similar disputes.
Potential manipulation: Meng Yan's suggestion that Solv may be the target of a larger conspiracy is intriguing but unverifiable. As an observer, we can only speculate. For retail investors, this again emphasizes the importance of fairness andtransparencyin the ecosystem.
Broad impact on BTCFi andtransparency: Currently, BTCFi has not yet achieved widespread application, and the growth in this field in 2024 was relatively flat. Originally, @SolvProtocol was seen as a positive force to drive the development of this field in 2025, but this turmoil may slow down this momentum.
Impact on BTCFi: Similar disputes may undermine trust in the emerging field. If not handled properly, it may hinder the participation of institutional and retail investors, thereby affecting the development of BTCFi.
Demand for transparency: This field urgently needs clearer transparency standards. Protocols should take measures to ensure that users can clearly understand the risks, returns, and mechanisms of their investments. Clearer on-chain reporting and user education will help reduce similar disputes in the future.
2) Industry Lessons
This event has brought several important lessons for the industry:
Proactively communicate with high-value users.
Transparently report TVL and other key metrics.
Establish a clear dispute resolution mechanism.
3) Summary and Reflection
As an observer, I believe this turmoil has reminded us of the growing pains of the crypto industry. The accusations and rebuttals have revealed systemic issues, but also provide opportunities for the industry's development. BTCFi has huge potential, but its success is key to building trust through fair, transparent, and user-centric practices. I hope the lessons learned from this dispute can promote positive changes in @SolvProtocol and the entire crypto ecosystem.
Link to this article: https://www.hellobtc.com/kp/du/01/5624.html
Source: https://x.com/vivilinsv/status/1875633107686314098
