Coinspeaker
Loopscale Recoups $2.8M After DeFi Hack Amid Bounty Negotiations
Loopscale is one of the latest decentralized finance platforms to fall victim to an exploitation, resulting in a $5.7 million loss. The attackers manipulated the RateX PT token pricing, enabling them to steal from its USDC and SOL vaults.
The hack occurred over the weekend, and Loopscale has since disclosed that, after negotiating with the hacker, it has recovered about half of the stolen funds, with more expected to follow.
By April 29, Loopscale had reclaimed approximately 10,000 WSOL in the morning and an additional 4,463 SOL in the afternoon, valued at around $1.48 million and $660K, respectively.
This comes after the recovery of 5,000 WSOL worth about $740K the previous day. The platform remains optimistic about recovering more funds and has committed to keeping users updated on the progress.
Our pursuit of an amicable resolution regarding Saturday’s incident continues to make progress. As a
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