Loopscale Suffers $6M Hack, Negotiates Bounty With Exploiter
DeFi platform Loopscale is holding negotiations with a hacker after a $6 million exploit on April 26, 2025.
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Solana-based DeFi protocol Loopscale lost around 12% of its Total Value Locked (TVL) in the incident. On April 26, 2025, Loopscale announced that hackers had manipulated its RateX PT token pricing functions, leading to the theft of approximately 5.7M USDC and 1,200 SOL.
Loopscale co-founder Marty Gooneratne said the attacker used uncollateralized loans to carry out the exploit.
In response to the Loopscale hack, the platform temporarily halted its lending markets to investigate the breach. The team has since re-enabled certain functions, including loan repayments, top-ups, and loop closures, while other features like vault withdrawals remain restricted.
To recover the stolen funds, Loopscale has offered a 10% bounty to the hacker in exchange for the return of the assets. In an on-chain chat, the hacker’s account indicated a willingness to increase the bounty to 20% and return the funds within 24 hours.
“To demonstrate our commitment to a cooperative approach, we will immediately return the 5000 wSOL funds following the transmission of this message,”
the hacker wrote.
Following this, Loopscale suggested continuing the negotiation via email to discuss the next steps privately.
In a recent X post, Loopscale stated that they are actively working toward a resolution and expressed appreciation for the hacker's engagement. The project also mentioned that it would share a plan for resuming withdrawals and provide post-mortem updates in the coming days.
Related: ZKsync Hacker Returns 90% of Stolen Funds for Bounty
Crypto Hacks Are on the Rise in 2025
The Loopscale hack is one of the latest DeFi exploits, and the total losses from hacks in Q1 2025 exceeded $1.6 billion. According to a report by Immunefi, the losses in Q1 2025 are about five times higher compared to Q1 2024, marking the worst quarter for hacks in the crypto industry.
Centralized exchanges were the primary targets, with the largest hacks being Bybit’s $1.5 billion and Phemex’s $69 million. In Q1 2025, the DeFi sector alone suffered around $107 million in losses.
The report also states that only 0.4% of the stolen funds during this period have been recovered.
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