Hack Alert - Loopscale Hacker to Return $5.8M in Exchange for 10% Bounty
Quick Summary
On April 28, 2025, decentralized finance platform Loopscale announced that the hacker behind a $5.8 million exploit had agreed to return the stolen funds in exchange for a 10% bounty. The hacker expressed their willingness to return 90% of the stolen assets, including USDC and SOL, and claimed the bounty. The breach occurred on April 26, when the hacker manipulated Loopscale's RateX PT token pricing, impacting vaults for USDC and SOL. Following the exploit, Loopscale temporarily halted vault withdrawals and markets. The platform confirmed that the hacker's willingness to settle had been agreed upon but did not confirm the actual return of the funds as of the announcement.
How To Protect Yourself
Use Secure Platforms: Engage with services that have strong security practices and regular audits.
Monitor Transactions: Be vigilant for any unusual activity that could signal a breach.
Strengthen Access Controls: Implement multisig wallets and avoid relying on a single administrative key.
Diversify Holdings: Spread your assets across multiple platforms to minimize the impact of a breach.
Stay Informed: Follow platform updates and security news to identify potential risks early.