{"id":128029,"date":"2025-04-26T20:15:52","date_gmt":"2025-04-26T20:15:52","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128029"},"modified":"2025-04-26T20:15:52","modified_gmt":"2025-04-26T20:15:52","slug":"solanas-loopscale-pauses-lending-after-5-8m-hack","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128029","title":{"rendered":"Solana&#039;s Loopscale pauses lending after $5.8M hack"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsSolana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit.\u00a0<br \/>\nOn April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a \u201cseries of undercollateralized loans\u201d, Loopscale co-founder Mary Gooneratne said in an X post.\u00a0<br \/>\nThe exploit only impacted Loopscale\u2019s USDC and SOL vaults and the losses represent around 12% of Loopscale\u2019s total value locked (TVL), Gooneratne added.\u00a0<br \/>\nLoopscale is \u201cworking to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,\u201d its said in an X post.\u00a0<br \/>\n\u201cOur team is fully mobilized to investigate, recover funds, and ensure users are protected,\u201d Gooneratne said.<br \/>\nLoopscale\u2019s \u2018Genesis\u2019 lending vaults. Source: LoopscaleIn the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report.\u00a0<br \/>\nMore than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.<br \/>\nRelated: Crypto hacks top $1.6B in Q1 2025 \u2014 PeckShield<br \/>\nUnique DeFi lending model<br \/>\nLaunched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.<br \/>\nIt also supports specialized lending markets, such as \u201cstructured credit, receivables financing, and undercollateralized lending,\u201d Loopscale said in an April announcement shared with Cointelegraph.\u00a0<br \/>\nLoopscale\u2019s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.<br \/>\nLoopscale\u2019s daily active users. Source: Mary GooneratneLoopscale\u2019s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs.\u00a0<br \/>\nThe DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.<br \/>\nMagazine:\u00a0Ripple says SEC lawsuit \u2018over,\u2019 Trump at DAS, and more: Hodler\u2019s Digest, March 16 \u2013 22<a href=\"https:\/\/cointelegraph.com\/news\/solana-s-loop-scale-halts-lending-after-5-8-m-hack?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsSolana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit.\u00a0 On April 26, a hacker siphoned approximately 5.7 million&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128029"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128029"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128029\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128029"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}