Loopscale Recovers $2.8M After DeFi Hack Amid Bounty Talks

Key Notes

• Loopscale recouped $2.8M after a weekend hack focusing on its vaults.
• The protocol launched a bounty program, providing 10% of stolen funds to the hacker.
• Loopscale stays optimistic about recovering extra stolen belongings.

Loopscale is among the newest decentralized finance platforms to fall sufferer to an exploitation, leading to a $5.7 million loss. The attackers manipulated the RateX PT token pricing, enabling them to steal from its USDC and SOL vaults.

The hack occurred over the weekend, and Loopscale has since disclosed that, after negotiating with the hacker, it has recovered about half of the stolen funds, with extra anticipated to observe.

By April 29, Loopscale had reclaimed roughly 10,000 WSOL within the morning and a further 4,463 SOL within the afternoon, valued at round $1.48 million and $660K, respectively.

This comes after the restoration of 5,000 WSOL value about $740K the day prior to this. The platform stays optimistic about recovering extra funds and has dedicated to maintaining customers up to date on the progress.

Our pursuit of an amicable decision concerning Saturday’s incident continues to make progress. As an replace to our customers:

• At 2:19AM ET this morning, ~10,000 WSOL (~$1.48M) was returned to a Loopscale pockets.
• At 3:14PM ET this afternoon, one other 4,463 (~$660K) WSOL

— Loopscale April 29, 2025

Loopscale’s Bounty Settlement

After the assault occurred, Loopscale posted on X that it was prepared to succeed in a bounty settlement with the hacker. As a part of the bounty settlement, the protocol disclosed that it will enable the attacker to retain 10% of the stolen funds if 90% was refunded.

If the hacker refused to agree, the stolen funds could also be frozen, because the submit additional said that the DeFi protocol was working with cyber safety specialists, exchanges and legislation enforcement companies.

After the submit, the DeFi platform said on April 28 that they’d “acquired a response from the exploiter,” exhibiting willingness to ship the loot again “in alternate for a bounty.”

At 3:52PM ET as we speak, we acquired a response from the exploiter. They’ve indicated a willingness to return the exploited funds in alternate for a bounty.

We admire their engagement up to now and we’re actively working to succeed in an amicable decision.

Just lately, one other decentralized protocol, KiloEx, turned a sufferer of an assault involving worth manipulation. On April 15, the KiloEx exchange lost $7.5 million in a worth oracle exploit, the place the hacker manipulated the pricing oracles to accumulate tokens at a drastically lowered worth.

In response, KiloEx supplied a ten% bounty, amounting to $750,000, for the return of 90% of the stolen funds. Additionally they paused buying and selling to forestall additional injury and pledged to strengthen safety measures.

The hacker finally agreed to return the stolen funds in alternate for the bounty. KiloEx confirmed that they had been monitoring the addresses concerned within the assault and meant to freeze the stolen funds promptly. This breach serves as one other stark reminder of the continued vulnerabilities in decentralized finance.

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