Loopscale Resolves Hack with Hacker, Funds to Be Returned
Decentralized finance platform Loopscale has struck a deal with the hacker who exploited its system. The hacker will return the stolen funds in exchange for a bounty.
On April 28, Loopscale announced on X that the hacker behind the $5.8 million exploit agreed to return the funds. The platform offered a 10% bounty as a reward. Loopscale thanked the hacker for their cooperation and promised updates on vault withdrawals and a detailed analysis of the incident.
The hack occurred on April 26 when Loopscale’s pricing system was manipulated. This led to a loss of about $5.7 million in USD Coin (USDC) and 1,200 Solana (SOL). The manipulation of Loopscale’s RateX PT token pricing affected depositors in the USDC and SOL vaults.
Loopscale restricted vault withdrawals and halted all markets after the exploit. They confirmed that the RateX collateral system was not at fault,and only depositors in the affected vaults were impacted.
On April 27, Loopscale proposed a whitehat bounty agreement, offering 3,947 SOL in exchange for 90% of the stolen assets. The hacker agreed to the deal, expressing a willingness to return the funds.
this incident highlights growing security concerns in the crypto industry. Over $1.6 billion was lost to crypto hacks in Q1 2025, making it the worst quarter for security breaches. Notable hacks in Q2 include the $572,000 SIR.trading theft, the $5 million ZKSync exploit, and the $7 million KiloEx hack.
