Attacking behind a $ 5.8 million solana exploitation based in the protocol loopscale agreed to return the stolen money in exchange for a 10% wisdom.
The news came after the platform was hacked on April 26 when an exploitation affects the platform pricing system, which led to a loss of approximately $ 5.7 million worth of USDC and 1,200 Sol from its vaults.
The platform provided the hacker An offer and a grace period until April 28 am at 6am to respond. The hacker appears to be in the face of dealings, declaring a willingness to restore stolen funds and to claim large amounts.
The hack is caused by manipulation of the loopscale token rate, which makes up about 12% of all platform funds, affecting depositors in the affected vault.
Loopscale recommends a Whitehat contract to exploit
Following the attack, Loopscale admitted that the hacker discovered a weakness in the company's pricing structure in a message sent to the exploitation address.
To solve this, the company suggested giving exploitation to a Whitehat contract to restore 90% of stolen funds worth 35,527 sol.
Once they have received the move, the platform promises to release the exploit from all responsibilities related to attack and let the exploitation retain a large amount of 10% of the money, which costs 3,947 sol.
Because the exploitation expressed interest in receiving the offer, the loopscale team said it would provide a comprehensive post-mortem in the coming days.
The number of exploits toward blockchain companies increased. In the first quarter of 2025, hackers stole more than $ 1.6 billion worth of crypto from exchanges and on-chain intelligent contracts, security firm Peckshield said in an April report.
More than 90% of these losses have been linked to the $ 1.5 billion BYBIT attack by the North Korean hacking outfit Lazarus Group.
Involving the loopscale system caused a huge losses
The loopscale was hacked on Saturday, approximately two weeks after its launch on April 10. The invasive uses a series of undercollateralized loans to exhaust about 5.7 million USDC and 1,200 Sol.
About attacking, Loopscale claim that a weakness in pricing ratex-based collateral is the root cause of exploitation.
As a result, the company has made some caution to ensure the safety of its customers. The team temporarily disabled loan payments, backwards, and other features due to breach to stop additional losses.
While some features, such as loop closure, top-up, and payments, have since been restored, vault removal and new deposits are still prohibited.
Attack resulted in significant losses. To illustrate, exploitation affects about 12% of the total loopscale's total locking loopscale, which increases to nearly $ 40 million before the incident.
As reported to X, the team is investigating the conditions of exploitation, the offender, and the best course of action for potential fund recovery.
The loopscale was established to produce an alternative lending model on more conventional pool -based platforms such as Aave or Solend. It uses a book order system to match lenders and borrowers rather than directly with pool liquidity.
The loopscale had earlier raised $ 4.25 million in 2021 from supporters, including Solana lab and Coinbase ventures. At this time, the project operates under the BridgeSplit name and is initially focused on developing an NFT -based produce product.
In addition to facilitating specialized lending techniques such as structured credit and receivable financing, the platform supports more than 40 tokens pairs. While the Sol Vault provided yields of more than 10%, the USDC vault offered more than 5% APR. About 7,000 lenders signed up for the platform before the hack.
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