Key Takeaways
- The hacker targeted Loopscale’s vaults through a pricing vulnerability in the RateX PT token.
- A total of 3,947 SOL is being kept by the attacker, with 35,527 SOL being recovered and designated for reimbursement to affected users.
Loopscale has recovered the majority of the $5.8 million in crypto stolen during a security breach on April 26, following a negotiated agreement with the hacker. Under the terms of the deal, the individual responsible for the exploit will retain 10% of the stolen assets as a bounty, while the remaining 90% is being returned to the platform.
The hacker targeted Loopscale’s vaults through a pricing vulnerability in the RateX PT token. The attacker exploited the flaw to extract approximately $5.7 million worth of USD Coin (USDC) and 1,200 Solana (SOL) tokens. A total of 3,947 SOL is being kept by the attacker, with 35,527 SOL being recovered and designated for reimbursement to affected users.
Following the incident, Loopscale suspended trading and vault withdrawals to contain the breach. The company emphasized that the attack did not compromise the broader RateX collateral system. Only vaults holding USDC and SOL were impacted.
The proposal to the hacker was made publicly the day after the exploit, offering a 10% share of the stolen assets in exchange for a full return of the rest. The attacker was also promised immunity from legal pursuit, conditional on timely compliance with the agreement. The offer included a deadline of 6 a.m. EST on April 28, which the attacker met.
At 3:52PM ET today, we received a response from the exploiter. They have indicated a willingness to return the exploited funds in exchange for a bounty.
We appreciate their engagement so far and we are actively working to reach an amicable resolution.
As such, we will be… https://t.co/znCZxtoi1z
— Loopscale (@LoopscaleLabs) April 28, 2025
Loopscale stated that it is preparing to restore normal operations and will issue a detailed analysis of the exploit to inform users and strengthen platform security. The company has not yet released a timeline for when withdrawals will be fully resumed.
Loopscale hack is part of a wider trend of increasing crypto hacks. A recent report by Hacken, a cyber security firm revealed that over $2 billion was lost to crypto hacks in the first quarter of 2025. In February this year, hackers stole $1.4 billion in digital assets from Bybit’s Ethereum wallet, making it one of the biggest crypto heists in history.
