Aevo Investigates $2.7 Million Loss Due to Smart Contract Vulnerability

According to Odaily, Aevo, formerly known as Ribbon Finance, reported that its Ribbon Legacy DOV vault was attacked due to a vulnerability in a smart contract update, resulting in a loss of approximately $2.7 million. The team has initiated an investigation to identify the root cause of the vulnerability and is collaborating with centralized exchanges and security partners to track and mark the stolen funds. Aevo noted that although the attacker bypassed the existing Immunefi bug bounty mechanism, a white-hat negotiation solution remains open. The company emphasized that the incident did not affect Aevo's exchange or its staking users, and the platform continues to operate safely and normally. For users who deposited in the Ribbon Legacy vault, Aevo is developing a follow-up plan and expects to release further updates within 24 hours. A comprehensive incident review report will be published later.