The Solana Defi Protocol Loopscale lost to more than $ 5.8 million, approximately 12% of the total amount locked (TVL), in an exploitation of the cyber.
The platform is still investigating how the attack occurred, trying to identify the hackers involved and how they could get the stolen funds. They are currently in contact with law enforcement and security personnel to resolve the situation quickly.
In an X post, the platform briefed its users on what is believed to be the main cause of attacking. Loopscale said, “The root cause of exploitation has been identified as an isolated issue with the pricing of the ratex-based collateral loopscale. 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 allows some operations while restricting others
Attacks manipulate rates PT token pricing functions, draining 1200 sol and $ 5.7 million USDC from platform vaults.
Shortly after the attack, the loopscale temporarily closed its markets. However, after a few hours, the protocol reactive to loan payments, top-ups, and loop closure, while other application functions, such as vault removal, have remained restricted.
Attack often affects the USDC loopscale and sol vault depositors, unnecessary lenders or loopers on the platform. However, the loopscale has promised to reveal how many users are particularly affected, how to remove holders from their vaults, and a technical post-mortem.
Prior to the attack, Oshield, who had protected protocols in January and February of this year, identified some weaknesses. The project was later posted on the FAQ that all high-risk issues were resolved. Currently, SEC3 is still ongoing the protocol.
The loopscale, launched just two years ago, on April 10, introduced a unique Ordering a book lending model based on the book on the structure of modular loans, which provides more unpredictable terms and minimizing rate volatility. The protocol features a fixed-rate, fixed duration, and multi-asset borrowing, achieving the support of major crypto companies such as coinfund, jump capital, and solana ventures.
In 2021, the project, then called Bridgesplit, a proposed NFT product, which gained about $ 4.25 million in VC funding from Solana Labs, Coinbase Ventures, and more.
The crypto industry has lost billions -billions of dollars to exploit since the start of 2025
A price manipulation in Oracle earlier this month led to a loss of $ 7 million for Kiloex. The platform is still planning to pay the affected users based on their resume time.
The Perpetual Futures Dex, however, said that only trade that remained open throughout the 10-day pauses of the platform were eligible for compensation. Moreover, every Thursday Post on the blog, Participants were advised to close the positions once the kiloex resumes to receive the full amount.
Aside from the Kiloex attack, BYBIT was hacked $ 1.46 billion in February. The attack crashed into all previous record hacks, including the Coincheck's 2018 hack, when they lost $ 534 million, and the hack of Mt. Gox, with $ 470 million drained.
The Lazarus Group of North Korea is suspected of hacking bybit after the exchange announced that they were monitoring the attack on JavaScript's malicious code served from a compromised safe AWS S3 Bucket and claimed a violation that came out of its platform.
Up to Q1 2025, more than $ 1.6 billion were lost in the defi attacks. Platforms such as Zlend, Ionic Money, Cardex, Four.Meme, Cashverse, Bankx, and Goldreserve NFT have seen their funds drained. Just in February, the crypto industry lost more than $ 1.53 billion in 9 attacks, a 20% advance from January and a 18x increase from February 2024.
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