Solana DeFi protocol Loopscale hit with $5.8 million exploit two weeks after launch
Powered by @unfolded- Solana DeFi protocol Loopscale suffered a $5.8 million exploit shortly after its launch, impacting 12% of its total value locked (TVL).
- The exploit was linked to an issue with the pricing of RateX-based collateral, and Loopscale is cooperating with law enforcement to recover the stolen funds.
- The platform temporarily restricted some features during the investigation but has since re-enabled certain functionalities like loan repayments.
- Loopscale, which was previously known as Bridgesplit, has undergone audits to address vulnerabilities, with additional audits currently in progress.