{"id":128188,"date":"2025-04-29T10:20:55","date_gmt":"2025-04-29T10:20:55","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128188"},"modified":"2025-04-29T10:20:55","modified_gmt":"2025-04-29T10:20:55","slug":"loopscale-recovers-2-8m-after-weekend-defi-hack-and-bounty-talks","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128188","title":{"rendered":"Loopscale recovers $2.8M after weekend DeFi hack and bounty talks"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsDeFi protocol Loopscale has recovered nearly half of the funds stolen during a major exploit over the weekend, as white hat negotiations with the attacker show signs of progress.<br \/>\nIn an April 29 update posted to X, Loopscale confirmed that approximately 19,463 Wrapped SOL (WSOL) (worth roughly $2.88 million) have been returned to its wallets since April 28.<br \/>\nThe first two returns included 10,000 WSOL (~$1.48 million) and 4,463 WSOL (~$660,000), following an earlier recovery of 5,000 WSOL (~$740,000).<br \/>\n\u201cOur pursuit of an amicable resolution regarding Saturday\u2019s incident continues to make progress,\u201d the team wrote.<br \/>\nLoopscale updating community on negotiations progress. Source: LoopscaleRelated: DeFi platform KiloEx to compensate users impacted by $7.5M hack<br \/>\nLoopscale offers 10% bounty for return of funds<br \/>\nOn April 27, Loopscale\u2019s team said it had sent an onchain message to the exploiter, offering them a 10% bounty and a full release of liability in exchange for the return of 90% of the stolen funds.<br \/>\nThe team warned that if no agreement were reached within 24 hours, it would contact law enforcement.<br \/>\nAt 3:52 pm Eastern Time on April 28, Loopscale announced it had received a response from the exploiter, who indicated willingness to negotiate a return in exchange for a bounty.<br \/>\nThe exploit occurred on April 26, when manipulation of Loopscale\u2019s RateX PT token pricing functions led to the theft of approximately $5.7 million in USDC (USDC) and 1,200 Solana (SOL) from its USDC and SOL vaults.<br \/>\nThe stolen amount represented about 12% of the platform\u2019s total funds and impacted only vault depositors, not borrowers or loopers.<br \/>\nWhile recoveries are not very common in decentralized finance, there have been more instances of successful fund returns as of late.<br \/>\nRelated:\u00a0WazirX confirms restart on track as it awaits sanction hearing in May<br \/>\nOn April 27, Ethereum-based lending protocol Term Finance said it had recovered $1 million of the $1.6 million lost in an incident involving a misconfigured oracle on its Treehouse (tETH) market.<br \/>\nThe team said 223 Ether (ETH) was recaptured internally, and another 333 ETH was recovered through negotiations.<br \/>\nTerm Finance explaining their recovery progress. Source: Term FinanceIn the first quarter of 2025, hackers\u00a0stole more than $1.6 billion worth of crypto from exchanges and onchain smart contracts, blockchain security firm PeckShield said in an April report.\u00a0<br \/>\nMore than 90% of those losses are attributable to a\u00a0$1.5 billion attack on Bybit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.<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-recovers-funds-after-defi-exploit-hacker-negotiations?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 NewsDeFi protocol Loopscale has recovered nearly half of the funds stolen during a major exploit over the weekend, as white hat negotiations with the attacker show signs of&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\/128188"}],"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=128188"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128188\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128188"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}