Loopscale Recovers $2.8 Million Following DeFi Hack and Bounty Talks
Loopscale suffered a $5.7 million loss due to an exploit involving manipulation of the RateX PT token pricing, leading to theft from its USDC and SOL vaults. The incident occurred over the weekend.
Key points:
- Half of the stolen funds have been recovered through negotiations with the hacker.
- On April 29, Loopscale reclaimed approximately 10,000 WSOL (~$1.48 million) and 4,463 SOL (~$660K).
- A prior recovery on April 28 included 5,000 WSOL valued at about $740K.
- Loopscale is optimistic about recovering more funds and will keep users updated.
Bounty Agreement Details
Loopscale proposed a bounty agreement, allowing the hacker to retain 10% of the stolen amount if they return 90%. If declined, the stolen assets may be frozen as the platform collaborates with cybersecurity experts and law enforcement.
On April 28, Loopscale reported that the hacker showed willingness to return the funds in exchange for a bounty.
In a related case, KiloEx also faced a price manipulation attack, resulting in a loss of $7.5 million on April 15. They offered a similar bounty structure and successfully negotiated the return of the stolen funds.