Loopscale recovers $2.8M after weekend DeFi hack and bounty talks
DeFi protocol Loopscale has recovered almost half of the funds stolen throughout a serious exploit over the weekend, as white hat negotiations with the attacker present indicators of progress.
In an April 29 replace posted to X, Loopscale confirmed that roughly 19,463 Wrapped SOL (WSOL) (price roughly $2.88 million) have been returned to its wallets since April 28.
The primary two returns included 10,000 WSOL (~$1.48 million) and 4,463 WSOL (~$660,000), following an earlier restoration of 5,000 WSOL (~$740,000).
“Our pursuit of an amicable decision relating to Saturday’s incident continues to make progress,” the workforce wrote.
Loopscale provides 10% bounty for return of funds
On April 27, Loopscale’s workforce mentioned it had sent an onchain message to the exploiter, providing them a ten% bounty and a full launch of legal responsibility in alternate for the return of 90% of the stolen funds.
The workforce warned that if no settlement have been reached inside 24 hours, it might contact regulation enforcement.
At 3:52 pm Japanese Time on April 28, Loopscale introduced it had acquired a response from the exploiter, who indicated willingness to barter a return in alternate for a bounty.
The exploit occurred on April 26, when manipulation of Loopscale’s RateX PT token pricing features led to the theft of roughly $5.7 million in USDC (USDC) and 1,200 Solana (SOL) from its USDC and SOL vaults.
The stolen quantity represented about 12% of the platform’s whole funds and impacted solely vault depositors, not debtors or loopers.
Whereas recoveries usually are not quite common in decentralized finance, there have been extra cases of profitable fund returns as of late.
On April 27, Ethereum-based lending protocol Time period Finance said it had recovered $1 million of the $1.6 million misplaced in an incident involving a misconfigured oracle on its Treehouse (tETH) market.
The workforce mentioned 223 Ether (ETH) was recaptured internally, and one other 333 ETH was recovered by way of negotiations.
Within the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and onchain sensible contracts, blockchain safety agency PeckShield mentioned in an April report.
Greater than 90% of these losses are attributable to a $1.5 billion attack on Bybit, a centralized cryptocurrency alternate, by North Korean hacking outfit Lazarus Group.
