loopscale

According to official news, the Solana-based lending protocol Loopscale has announced that LP tokens from Orca and Raydium can now be used as collateral for lending. Loopscale's order book architecture allows for pricing based on the conditions of each position itself, rather than incorporating it into a centralized lending pool model.Through this credit market infrastructure, over $1 billion in yield-generating liquidity can be unlocked. The system is capable of independently assessing and pricing each LP based on multiple variables such as price range, fee tier, and underlying assets.

ChainCatcher news, Loopscale released a post-hack report, disclosing that hackers exploited a pricing logic vulnerability in the protocol, resulting in the unauthorized outflow of 5,726,724.97 USDC and 1,211.4 SOL from the USDC and SOL Genesis treasury. All funds have now been recovered.Loopscale additionally stated that it will gradually re-enable the full protocol features, with the refinancing function set to restart soon. The grace period will be extended by 3 days, providing borrowers an opportunity to repay or close their positions. Borrowers are advised to monitor their positions in case of interest rate changes or liquidity tightening.Furthermore, from April 26 to June 7, the balances of Vault or Advanced Lend depositors will receive a 12x points boost.

ChainCatcher message, Loopscale has released an update on the hacking incident on platform X, disclosing that the withdrawal logic and vulnerability patches have been audited by the security company Sec3 and an independent auditor. The Vault withdrawal function will be reopened to all users at 10:00 AM Eastern Time tomorrow, and the incident analysis report will also be published. To maintain the stability of the protocol, a temporary 24-hour withdrawal limit is expected to be implemented for each user.

ChainCatcher news, Loopscale announced that after successfully negotiating with the hacker, all funds taken from the Loopscale protocol on April 26 (including 5,726,725 USDC and 1,211 SOL) have now been fully recovered.In this incident, users' deposits will not suffer any losses. More details (including information related to treasury withdrawals) will be announced later.

ChainCatcher news, Loopscale posted on platform X stating that they are working towards a friendly resolution regarding the previous hacking incident, and the progress is going smoothly:At 2:19 AM Eastern Time on April 29, approximately 10,000 WSOL (about $1.48 million) has been returned to the Loopscale wallet;At 3:14 PM Eastern Time on April 29, an additional 4,463 WSOL (about $660,000) has been returned to the Loopscale wallet;Yesterday, 5,000 WSOL (about $740,000) has been returned to the Loopscale wallet.Loopscale added that they are still working towards a final resolution and will continue to provide updates.

ChainCatcher news, Loopscale Labs' official social media account disclosed that the project team received a response from the hacker at 3:52 PM Eastern Time, stating that they are willing to return the stolen funds through a bounty.Loopscale Labs stated that both parties are currently actively negotiating to reach an amicable solution. In light of this progress, the project team will postpone the release of the withdrawal recovery plan and the complete incident analysis report, which is expected to be announced in the coming days.Previously, it was reported that the Loopscale protocol was attacked by hackers, resulting in the theft of approximately 5.7 million USDC and 1,200 SOL.

ChainCatcher message, the lending protocol Loopscale on the Solana chain was attacked today, resulting in approximately 5.7 million USDC and 1,200 SOL being stolen. The protocol has released event updates on the X platform and has now re-enabled loan repayments, deposits, and the closure of revolving loans. Other application functions (including Vault withdrawals) remain temporarily restricted, and an investigation is ongoing to ensure the mitigation of this vulnerability.Loopscale further stated that the root cause of this vulnerability has been identified as an independent issue related to collateral pricing based on RateX, which is not related to RateX itself. The financial loss only affects the depositors of the SOL and USDC genesis treasury, and a complete technical post-analysis will be released later.

ChainCatcher message, the lending protocol Loopscale on the Solana chain disclosed on platform X that today at 11:30 AM EST (April 26, 11:30 PM Beijing time), the pricing function of Loopscale's RateX PT token was manipulated, resulting in approximately 5.7 million USDC and 1,200 SOL being stolen from Loopscale's USDC and SOL treasury. Currently, all markets of Loopscale have been temporarily halted to allow the team to conduct further investigations.The funds involved in this security breach account for about 12% of Loopscale's total funds and only affect depositors who deposited funds into Loopscale's USDC and SOL treasury. Borrowers and users of loop lending are not affected. The team is working hard to restore the repayment function as soon as possible to avoid unforeseen liquidation situations. The team is closely collaborating with law enforcement officials, security experts, and investors to recover the funds. A full technical analysis report will be released as soon as more information is available.

ChainCatcher news, the modular DeFi lending market Loopscale has completed 6 months of closed testing and is now live. Loopscale is built on Solana and is supported by CoinFund, Solana Ventures, and Coinbase Ventures.