In the world of cryptocurrency, the news of another big hack has been revealed. Actually Solana Defi Protocol Loopscale became a victim of a big hack just two weeks after its launch. The protocol in this hack has lost more than $ 5.8 million (about Rs 48 crore), causing a stir among the platforms and its investors.
Significantly, before this, the hack on Crypto Change bybit and Wazirx hack There was a lot of headlines.
How did the attack?
In this attack on 26 April, hackers took advantage of weakness in a landing market in Loopscale. According to Loopscale’s co-founder Mary Gunartane, the attackers stole around 5.7 million USDC and 1,200 SOLs. This loss is about 12% of the total TVL (General Price Locked) of the protocol.
Immediately after the attack, the team temporarily shut down the lending operations and later resumed limited functions such as loan repainments, top-ups and loop closing. However, vault withdrawal and other major features are still suspended.
The main reason for the technical glitch in pricing is the main reason for the attack
Loopscale confirmed that the attack occurred due to a isolated problem found in the pricing of Ratex-based collateral. This disturbance gave hackers an opportunity to take undercolateralized loans. The team is investigating the entire case to detect options for the scope, responsible side and fund recovery of the attack.
Loopscale’s background and security check
Loopscale was launched on 10 April 2025. This project is the next version of BridgesPlit, which was previously focused on NFT based yield products. Loopscale got a $ 4.25 million funding from Solana Labs, Coinbase Ventures and other big investors in 2021.
Instead of traditional pool-based lending protocols such as Aave and Solend, Loopscale runs an order book-based system, providing more predictable lending terms. The protocol had an audit with the security firm Osheild before the launch, which exposed several serious weakens that were later fixed. However, another security audit is still running by SEC3.
Haking Attacks in Defi Industry
This case of Loopscale is a new name in the list of increasing Defi Attacks in 2025. There have been many hackers so far this year Bybit hack Most of the melodies were in the most. According to the information, $ 1.46 billion assets were stolen in this hack on Crypto Change bybit, which was linked to Lazarus Crew, North Korea. In addition, Infini StableCoin Storage has reported a loss of $ 49 million and Dex Kiloex $ 7 million.
According to the blockchain security firm Peckshield, in Q1 of 2025 itself, hackers have damaged more than $ 1.6 billion, with loss of bybit.
Conclusion
Loopscale’s hack once again proves that security in the Defi industry is still a big challenge. Although the team has resumed some services like loan repair and top-ups, but there are still many questions about fund recovery and security of users. Loopscale team is investigating in association with Legislation Enforcement Companies and Cyber Safety Professionals. In the coming days, they will release detailed technical reports and withdrawal guidelines for affected users.
