Update (April 26 at 8:57 p.m. UTC): This article has been updated to include loopscale updates.
Solana DECENTRALIZED FINANCE (DEFI) Protocol Loopscale temporarily stopped its loan markets after having undergone an exploit of approximately $ 5.8 million.
On April 26, a pirate siphone approximately 5.7 million USDC (USDC) and 1200 Solana (soil) of the loan protocol after having contracted a “series of sub-collateralized loans”, said the co-founder of Loopscale, Mary Gooneratne, in a post X.
Loopscale has since “reactivated loan repayments, recharges and closing of loops”, but “(a) the other application functions (including safe withdrawals) are always temporarily limited while we investigate and ensure the mitigation of this feat,” said Loopscale in a post of April 26.
The feat only affected Loopscale de Loopscale and Sol Vaults and the losses represent approximately 12% of the total value of locked loopscale (TVL), added Gooneratne.
“Our team is fully mobilized to investigate, recover funds and ensure that users are protected,” said Gooneratne.
In the first quarter of 2025, the pirates stole more than $ 1.6 billion in crypto to chain scholarships and smart contracts, the Packshield Blockchain Security Company said in an April report.
More than 90% of these losses are attributable to an attack of $ 1.5 billion against the Bybt, a centralized exchange of cryptocurrency, by the North Korean hacking group Lazarus.
In relation: Crypto Hacks Top 1.6 billion dollars at T1 2025 – Peckshield
Unique DEFI loan model
Launched on April 10 after a six -month closed beta, Loopscale is a DEFI loan protocol designed to improve capital efficiency by directly matching lenders and borrowers.
It also supports specialized loan markets, such as “structured credits, financing of claims and sub-collateralized loans”, said Loopscale in an April announcement shared with Cointtelegraph.
The Loopscale command book model distinguishes it from the DEFI loan peers such as Aave which bring together cryptocurrency deposits in liquidity pools.
The main USDC and Loopscale Sol Vaults give 5% and 10% respectively. It also supports loan markets for tokens such as jitosol and bonk (Bonk) and loop strategies for more than 40 pairs of different tokens.
The DEFI protocol has about $ 40 million on TVL and attracted more than 7,000 lenders, according to researcher Ournetwork.
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