The exploit occurred on April 26 when attackers manipulated Loopscale’s RateX PT token pricing. Approximately $5.7 million worth of USDC and 1,200 Solana (SOL) were drained from the protocol, accounting for about 12% of total funds.

Hope for Settlement With White Hat Hacker

After the attack, Loopscale’s team sent an onchain message to the exploiter on April 27, offering a 10% bounty and full legal immunity in exchange for 90% of the funds. On April 28, the attacker responded, showing willingness to negotiate.

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So far, 10,000 WSOL (~$1.48M) and 4,463 WSOL (~$660K) have been returned, following an earlier 5,000 WSOL (~$740K) recovery.

10% Bounty Offer Yields Results

Recoveries like this are rare in the DeFi world. But Loopscale’s communication strategy appears to have worked. Meanwhile, Term Finance — another Ethereum-based lending protocol — also recently recovered $1M out of $1.6M lost due to an oracle issue.

According to an April report from blockchain security firm PeckShield, more than $1.6 billion in crypto was stolen in Q1 2025. Of that, $1.5 billion came from a massive attack on Bybit, linked to North Korea’s Lazarus Group.

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