- Loopscale suffers $5.8 million exploit impacting assets and operations.
- Approximately 12% of total funds affected by the same exploit.
- Operations focus on recovery, security, and team mitigation efforts.
Loopscale, a modular DeFi lending platform on Solana, was exploited on April 27, 2025, resulting in a $5.8 million loss.
This incident caused significant operational disruptions and led to an immediate pause of all markets as recovery efforts began.
$5.8 Million Exploit Halts Loopscale Operations
The attack on Loopscale involved the manipulation of the RateX PT token pricing function. Approximately $5.7 million in USDC and 1,200 SOL were siphoned. This represented about 12% of the platform’s total funds. Co-founder Mary Gooneratne has been at the forefront in addressing the incident publicly, focusing on transparency and providing updates regarding progress.
Market operations have been temporarily paused to allow investigators to work on understanding the attack and implementing fixes. While the platform has re-enabled loan repayments and top-ups, all withdrawals remain on hold. The community and stakeholders are closely monitoring the situation, with significant attention on potential further implications for DeFi security.
Statements from Loopscale on X (Twitter) emphasize their commitment to investigating the situation and working alongside law enforcement. “Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” said Mary Gooneratne. The broader community has remained cautious, urging security improvements and transparency. Community members await the detailed event analysis report, which is expected to clarify further the attack’s specifics and subsequent steps going forward.
DeFi Vulnerabilities Spotlighted Amid $1.6 Billion Crypto Thefts in 2025
Did you know? From Q1 2025, over $1.6 billion was stolen through similar crypto exploits. This frequently involved price manipulation, underscoring the vulnerabilities inherent in decentralized finance systems.
As of April 27, USDC maintains a price of $1.00 and a market cap of $62.27 billion, according to CoinMarketCap. Despite the noted exploit, the 24-hour volume fell 44.31% to $7.21 billion. Price data indicates marginal changes over the past quarter: 0.01% down within 90 days.
Research by Coincu outlines potential regulatory outcomes, suggesting a possible acceleration in DeFi regulation and enhanced security protocols. These insights indicate a focus on improving technological resilience against exploits. Historical trends show an increase in centralized oversight within decentralized markets following similar incidents.
Source: https://coincu.com/334527-loopscale-defi-exploit-solana-market/