Cyberattack: Loopscale Halts Lending Post Hack

Loopscale Halts Operations After $5.8 Million Hack

• Loopscale, a decentralized lending protocol on Solana, paused operations due to a $5.8 million hack.
• The exploit affected USDC and SOL vaults via manipulation of the RateX PT token pricing functions.
• The attack led to the loss of about 12% of Loopscale’s total locked value (TVL).
• Withdrawal functions are limited as the team investigates and implements damage control measures.
• The breach involved extracting approximately 5.7 million USDC and 1,200 SOL.

Following a $5.8 million hack impacting USDC and SOL vaults, Loopscale has suspended operations while investigating the incident that resulted in a 12% TVL loss.