PANews reported on April 27 that the Solana-based lending protocol Loopscale disclosed on X platform that at 11:30 AM EST today (Beijing time April 26, 23:30), the RateX PT token pricing function of Loopscale was manipulated, resulting in approximately 5.7 million USDC and 1,200 SOL being stolen from the Loopscale USDC and SOL vaults. Currently, all markets of Loopscale have been temporarily suspended to allow the team to conduct further investigation. The funds involved in this security vulnerability account for about 12% of Loopscale's total funds and only affect depositors who have deposited funds into the Loopscale USDC and SOL vaults. Borrowers and cycle loan users are not affected. They are working hard to restore the repayment function as soon as possible to avoid unforeseeable liquidation situations. The team is closely collaborating with law enforcement officials, security experts, and investors to fully recover the funds. More information and a complete technical analysis report will be published immediately once obtained.
