The hacker behind the $ 5.8 million recently exploit the loopscale was in conversations to restore stolen funds in exchange for a huge amount, solana-based protocol said.
Exploitation has pilfer of approximately 5.7 million USDC (USDC) and 1,200 solana (Sol) tokens from two of the loopscale’s yield vaults on April 26, which motivates the decentralized financial protocol to Temporarily i -Pause markets in its lending.
The following day, the hacker sent a message to the Ethercan blockchain scanner “Indicat (ING) a willingness to restore the exploited funds in exchange for a large amount,” Loopscale Says In a post of April 27 x.
“We are hoping to cooperate with you to reach a white hat agreement. However, we want to adjust to the percentage of the large amount; our expectation is 20%,” Hacker said. “To show our commitment to a cooperative strategy, we will immediately return 5,000 WSOL funds following the delivery of this message,” they added.
Continues negotiations for the remaining funds, According to In the public exchanging messaging with Ethercan.
Related: Solana’s loopscale stops lending after $ 5.8m hack
The exploitation
Web3 protocols often offer bounties to hackers in exchange for the return of lost funds. However, only a small portion of More than $ 1.6 billion in crypto The stolen in the first quarter of 2025 was successfully recovered.
The loopscale’s exploitation affects only the USDC and Sol Vaults of the protocol, with losses that represent around 12% of the total amount locked (TVL), loopscale co-founder Mary Gooneratne Says In a post of April 26 x.
Following the attack, the loopscale temporarily stopped but since the “loan repayment, top-up, and loop closing,” this Says In an x post.
“All other app operating (including vault removal) are temporarily restricted as we investigate and ensure the prevention of this exploitation,” Loopscale Says.
Launched on April 10, the loopscale is a Defi Lending Protocol aimed at improving the efficiency of capital by directly matching lenders and borrowers.
In addition, the loopscale facilitates specialized lending markets, such as “structured credit, financing of receiving, and undercollateralized lending,” it said in an April announcement shared with cointelegraph.
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