{"id":128139,"date":"2025-04-28T18:15:36","date_gmt":"2025-04-28T18:15:36","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128139"},"modified":"2025-04-28T18:15:36","modified_gmt":"2025-04-28T18:15:36","slug":"loopscale-hacker-in-talks-to-return-stolen-crypto","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128139","title":{"rendered":"Loopscale hacker in talks to return stolen crypto"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe hacker behind the $5.8 million recent Loopscale exploit is in talks to return the stolen funds in exchange for a bounty, the Solana-based protocol said.\u00a0<br \/>\nThe exploiter pilfered approximately 5.7 million USDC (USDC) and 1,200 Solana (SOL) tokens from two of Loopscale\u2019s yield vaults on April 26, prompting the decentralized finance protocol to temporarily pause its lending markets.\u00a0<br \/>\nThe following day, the hacker sent a message on the Etherscan blockchain scanner \u201cindicat[ing] a willingness to return the exploited funds in exchange for a bounty,\u201d Loopscale said in an April 27 X post.\u00a0<br \/>\n\u201cWe are agreeable to collaborating with you to reach a white hat agreement. However, we would like to negotiate the bounty percentage; our expectation is 20%,\u201d the hacker said.\u00a0\u201cTo demonstrate our commitment to a cooperative approach, we will immediately return the 5,000 wSOL funds following the transmission of this message,\u201d they added.<br \/>\nNegotiations are ongoing for the remaining funds, according to the public messaging exchange on Etherscan.\u00a0<br \/>\nMessages exchanged with the Loopscale hacker. Source: EtherscanRelated: Solana&#8217;s Loopscale pauses lending after $5.8M hack<br \/>\nThe exploit<br \/>\nWeb3 protocols frequently offer bounties to hackers in exchange for returning lost funds.\u00a0However, only a small portion of the more than $1.6 billion in crypto stolen during the first quarter of 2025 has been successfully recovered.\u00a0<br \/>\nThe Loopscale exploit only impacted the protocol\u2019s USDC and SOL vaults, with losses representing around 12% of its total value locked (TVL), \u00a0Loopscale co-founder Mary Gooneratne said in an April 26 X post.\u00a0<br \/>\nSource: LoopscaleIn the aftermath of the attack, Loopscale temporarily halted lending but has since \u201cre-enabled loan repayments, top-ups, and loop closing,\u201d it said in an X post.\u00a0<br \/>\n\u201cAll other app functions (including Vault withdrawals) are still temporarily restricted while we investigate and ensure mitigation of this exploit,\u201d Loopscale said.<br \/>\nLaunched on April 10, Loopscale is a DeFi lending protocol that aims to improve capital efficiency by directly matching lenders and borrowers.<br \/>\nAdditionally, Loopscale facilitates specialized lending markets, such as \u201cstructured credit, receivables financing, and undercollateralized lending,\u201d it said in an April announcement shared with Cointelegraph.<br \/>\nMagazine:\u00a0Bitcoin $100K hopes on ice, SBF\u2019s mysterious prison move: Hodler\u2019s Digest, April 20 \u2013 26<a href=\"https:\/\/cointelegraph.com\/news\/loopscale-hacker-agrees-return-stolen-crypto-bounty?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 NewsThe hacker behind the $5.8 million recent Loopscale exploit is in talks to return the stolen funds in exchange for a bounty, the Solana-based protocol said.\u00a0 The exploiter&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\/128139"}],"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=128139"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128139\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128139"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}