Loopscale, a decentralized financing protocol (DEFI) built on Solana, suspended its loan operations following a feat of $ 5.8 million.
The incident occurred on April 26, when a hacker drained USDC 5.7 million and 1,200 sol by performing a series of sub-collateralized loans, according to Loopscale co-founder Mary Gooneratne.
In response, Loopscale has partially restored platform functions, allowing users to reimburse loans, add guarantees and close the existing loops.
However, the key characteristics, including the withdrawals of the vault, remain disabled while the team continues its investigation.
Loopscale feat strikes USDC and Sol Vaults
GoONEATNE confirmed that the feat was limited to the USDC and SOL VAULTS du Protocol, representing approximately 12% of the total value of locked loopscale (TVL).
“Our team is fully mobilized to investigate, recover funds and ensure that users are protected,” said Gooneratne on X.
The attack is added to an increasing list of crypto exploits in 2025. The blockchain security company, Peckshield, recently reported more than $ 1.6 billion in cryptographic flights during the first quarter, the majority linked to a piracy of $ 1.5 billion on the rejection of the grant centralized by the Lazarus group of North.
Launched publicly on April 10 after a six -month beta version, Loopscale introduced a single DEFI loan model aimed at improving capital efficiency.
Unlike protocols such as Aave, which are based on the liquidity grouped, Loopscale uses a control book system to directly match lenders and borrowers.
It also offers specialized markets for structured credits, financing of receivables and sub-collateralized loans.
Before the feat, Loopscale managed about 40 million dollars on TVL and had attracted more than 7,000 lenders.
Its USDC and Sol vaults offered attractive yields of more than 5% and 10% apr.
The platform also supported loans for tokens like jitosol and bonk, as well as loop strategies on 40 pairs of tokens. The surveys of the violation remain in progress.
Crypto lost $ 1.6 billion against pirates in the first quarter
In the first three months of 2025, the cryptography ecosystem lost $ 1,635,933,800 in 39 incidents, according to the Immunefi blockchain safety platform.
The report says: “The first quarter of 2025 marks the worst quarter for hacks in the history of the cryptography ecosystem”.
Most of this is the result of only two hacks of two centralized exchanges. Phemex suffered a loss of $ 69.1 million in January, while Bebit lost $ 1.46 billion in February.
Subsequently, the total number of losses in the first quarter marked an increase of 4.7x compared to the first quarter of 2024. At that time, pirates and fraudsters stole $ 348,251,217.
In particular, experts assume that the infamous North Korean group Lazarus is the source of the two largest attacks. They stole $ 1.52 billion, or 94% of total losses.
The post Solana Defi Protocol Loopscale Interrupting loans after $ 5.8 million The feat appeared first on Cryptonews.
