The decentralized financial sector (DEFI) faces another major setback this weekend while two protocols, loopscale and term finance, have experienced exploitation of $ 7 million in losses.
These incidents have raised growing concerns about the weaknesses of the defi platforms in 2025.
Loopscale loses $ 5.8 million in primary exploitation
On April 26th, Solana based in Solana reported A significant security violation affecting the USDC and Sol Vaults.
The exploitation was drained around $ 5.8 million, representing about 12% of the total platform value. Notably, this attack only arrives two weeks after the official loopscale launch.
Loopscale co-founder Mary Gooneratne, confirmed that an attacking system took advantage of the securing of under-collateralized loans.
Investigations state that the root cause is derived from an isolated issue with the collateral system based on the platform.
However, the loopscale made it clear that the ratex itself was not compromised.
“The root cause of exploitation has been identified as an isolated issue with the RATEX-based collateral loopscale pricing. There is no rate in the ratex itself related to it. The loss of funds clearly affects depositors in Sol and USDC Genesis Vaults,” Loopscale Nakasa said.
Following the breach, the loopscale temporarily stops all markets to assess the damage.
The platform has since resumed partial operations, enabling basic functions such as loan payments, top-ups, and loop closure, while vault removal remains restrained.
To recover the stolen fund, the loopscale offered a 10% wisdom to the attack and proposed a Whitehat's agreement.
The platform demanded the return of 90% of stolen property and warned legal action if the attack did not respond on April 28th.
“We agree to allow you to maintain a large amount of 10% of funds (3,947 SOL) and release you from any and all responsibilities about attacking,” loopscale added.
The loopscale is currently working with security firms and law enforcement agencies to manage the situation.
Term Finance suffers $ 1.5 million loss of extermination
Meanwhile, Term Finance-based Ethereum, a pioneer in the scalable-fixed lending rate, also reported a security incident on April 26.
Blockchain security firm Tenarmoralert has identified two weak -increasing transactions that have been linked to the term lab, resulting in a losses of nearly $ 1.5 million.
“It appears that something is wrong with extermination. Someone spends a very small amount of ethics to liquid more than 586 Treehouse collateral,” Tenarmoralert Nakasa said.
Term Finance later confirmed that a false update on its Teth Oracle caused the problem. Fortunately, no intelligent contracts were exploited, and the issue was contained within the Teth markets.
The platform assures users that all other funds will remain safe and focus on a full payment plan for those affected.
These attacks are contributing to a disturbing course by 2025, whose crypto projects are missing near $ 2 billion this year.
High-profile incidents such as the $ 1.46 billion bybit hack in February shaken confidence throughout the industry.
Tim Haldorson, founder of Lunar Strategy, Question If Defi returns to justify the ongoing risks of exploitation.
He suggested that defi yields could disappear behind traditional investments such as bonds once it suits hack -related losses.
“How safe are all this?
Refusal
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