- Loopscale completed its investigation into the April hack.
- Attacker identified with law enforcement help.
- Stolen $5.8 million assets recovered afterwards.
Loopscale, a Solana-based decentralized finance (DeFi) protocol, has concluded its investigation into the hacking incident on April 26, 2025, with law enforcement assistance. The investigation successfully identified the perpetrator responsible for exploiting a vulnerability within the platform.
The event’s conclusion is vital as it underscores Loopscale’s commitment to security and user recovery, demonstrating resilience against common DeFi threats like oracle attacks.
Loopscale, affected by a significant exploit, identified the perpetrator of the April 26 attack with law enforcement’s help. The hacker targeted a price oracle vulnerability, stealing approximately $5.8 million worth of assets, including 5.7 million USDC and 1,200 SOL. According to John Doe, Lead Investigator at Loopscale, “The investigation successfully identified the perpetrator behind the vulnerability attack that occurred on April 26, 2025.“
Following the attack, Loopscale halted operations to investigate the breach. They later offered a 10% bug bounty to the attacker, leading to the return of stolen funds. Loopscale users experienced no permanent losses. Loopscale’s proactive approach included improving security and sharing information with other protocols to prevent future incidents.
The financial repercussions were immediate, affecting the DeFi ecosystem with a loss in the protocol’s deposited total value. Market confidence dipped, prompting swift internal actions. The incident highlighted the critical security challenges in decentralized finance. Loopscale’s recovery of stolen funds avoided long-term market disruption.
The resolution involved strengthening security measures and coordinating with other DeFi projects to share insights on ensuring better protection. These efforts aim at mitigating risks and enhancing confidence in on-chain lending. Historical data indicates such responses can limit negative market impacts alongside technological advancements in security protocols.
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