Source: Cointelegraph
Original: “Loopscale, a Solana-based DeFi protocol, hacker is negotiating to return stolen cryptocurrency”
The Solana-based protocol Loopscale has stated that the hacker behind the recent $5.8 million exploit is negotiating to return the stolen funds in exchange for a bounty.
The hacker stole approximately 5.7 million USDC and 1,200 Solana (SOL) tokens from two yield vaults of Loopscale on April 26, prompting the decentralized finance (DeFi) protocol to temporarily suspend its lending market.
The next day, the hacker sent a message on the Etherscan blockchain explorer, stating they were “willing to return the stolen funds in exchange for a bounty,” as mentioned in Loopscale's post on the X platform on April 27.
“We are willing to work with you to reach a white hat agreement. However, we would like to negotiate the bounty percentage; our expectation is 20%,” the hacker stated. “To demonstrate our commitment to cooperation, we will immediately return 5,000 wSOL funds after sending this message,” they added.
According to publicly available message exchanges on Etherscan, negotiations regarding the remaining funds are still ongoing.
Web3 protocols often offer bounties to hackers in exchange for the return of stolen funds. However, of the over $1.6 billion in cryptocurrency stolen in the first quarter of 2025, only a small portion has been successfully recovered.
The Loopscale exploit only affected the protocol's USDC and SOL vaults, with losses accounting for approximately 12% of its total locked value (TVL), as stated by Loopscale co-founder Mary Gooneratne in a post on the X platform on April 26.
After the attack, Loopscale temporarily halted lending but later announced on the X platform that it had “re-enabled loan repayments, deposits, and cycle closures.”
“All other application functions (including vault withdrawals) remain temporarily restricted to allow us to investigate and ensure mitigation of the impact of this exploit,” Loopscale stated.
Loopscale launched on April 10 and is a decentralized finance lending protocol designed to improve capital efficiency by directly matching borrowers and lenders.
Additionally, Loopscale facilitates specialized lending markets, such as “structured credit, accounts receivable financing, and under-collateralized lending,” as mentioned in an announcement shared with Cointelegraph in April.
Related: Solana (SOL) based lending protocol Loopscale suspends services after $5.8 million hack.
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