Source: EtherscanRelated: Solana's Loopscale pauses lending after $5.8M hackThe exploitWeb3 protocols frequently offer bounties to hackers in exchange for returning lost funds. However, only a small portion of the more than $1.6 billion in crypto stolen during the first quarter of 2025 has been successfully recovered. The Loopscale exploit only impacted the protocol’s USDC and SOL vaults, with losses representing around 12% of its total value locked (TVL), Loopscale co-founder Mary Gooneratne said in an April 26 X post. Source: LoopscaleIn the aftermath of the attack, Loopscale temporarily halted lending but has since “re-enabled loan repayments, top-ups, and loop closing,” it said in an X post. “All other app functions (including Vault withdrawals) are still temporarily restricted while we investigate and ensure mitigation of this exploit,” Loopscale said.
However, we would like to negotiate the bounty percentage; our expectation is 20%,” the hacker said. “To demonstrate our commitment to a cooperative approach, we will immediately return the 5,000 wSOL funds following the transmission of this message,” they added.
Negotiations are ongoing for the remaining funds, according to the public messaging exchange on Etherscan. Messages exchanged with the Loopscale hacker.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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