Solana Decentralized Finance (DEFI) Protocol Loopscale temporarily stopped lending markets after suffering approximately $ 5.8 million exploitation.
On April 26th, a hacker stopped at approximately 5.7 million USDC (USDC) and 1200 Solana (Sol) from the lending protocol after obtaining a “series of undercollateralized loans”, loopscale co-founder Mary Gooneratne Says In an x post.
The exploitation affects only the USDC and Sol Vaults of the loopscale and the losses represent around 12% of the total loopscale’s total locking loopscale (TVL), Gooneratne added.
The loopscale is “working to continue paying payment as soon as possible to reduce unexpected fluids,” its Says In an x post.
“Our team is fully transferred to investigate, recover funds, and ensure users are protected,” Gooneratne said.
In the first quarter of 2025, the hackers Stealing more than $ 1.6 billion worth of crypto From exchanges and on-chain smart contracts, blockchain security firm Peckshield said in an April report.
More than 90% of losses have been attributed to a $ 1.5 billion attacks onbitA centralized exchange of cryptocurrency, through the North Korean hacking outfit Lazarus Group.
Related: The Crypto Hacks Top $ 1.6B in Q1 2025 – Peckshield
DEFI’s unique lending model
Launched on April 10 after a six -month closed beta, the loopscale is a Defi Lending Protocol designed to enhance the efficiency of capital by directly matching lenders and loans.
It also supports specialized lending markets, such as “structured credit, financing, and undercollateralized lending,” Loopscale said in an April announcement shared with cointelegraph.
The loopscale order book model distinguishes it from defi lending peers such as AAVE that combine cryptocurrency deposits in pool pools.
The main USDC and sol vaults of the loopscale produce APRs of over 5% and 10%, respectively. It also supports lending markets for tokens such as Jitosol and Bonk (Bonk) and stalling techniques for upward 40 different tokens pairs.
The Defi Protocol has approximately $ 40 million on TVL and attracts up to 7,000 lenders, According to In the researcher that is hornetwork.
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