The decentralized finance (DeFi) protocol Loopscale, developed on the Solana platform, has become the latest victim of the 2025 cyber attack wave. The incident occurred on Saturday, causing the protocol to lose over $5.8 million, equivalent to 12% of its TVL.
Loopscale confirmed that the initial cause was an inaccurate collateral asset pricing based on RateX in a specific market. "We are continuing to investigate to clarify the cause, identify the perpetrator, and find the most effective way to recover assets," the project stated on the X platform.
Launched on 10/4/2025, Loopscale had previously raised $4.25 million from major funds like Solana Labs and Coinbase Ventures when operating under the name Bridgesplit, with a focus on developing NFT-based yield products. Unlike lending protocols with pool models like Aave or Solend, Loopscale uses an Order Book, helping to stabilize loan terms and limit interest rate volatility.
Prior to the attack, Loopscale had been audited by OShield, which had discovered several serious vulnerabilities between January and February. The project stated that all critical errors have been addressed and is currently being audited by Sec3.
"We have mobilized all our forces to investigate the incident, recover assets, and protect users," co-founder Mary Gooneratne committed on X.
This incident extends the list of cryptocurrency attacks in 2025, alongside major incidents like the record $1.46 billion hack at Bybit in February, the $7 million oracle exploit at KiloEX, or the $49 million loss at Infini.
After the incident, Loopscale temporarily restricted some functions but reopened debt repayment, asset deposits, and loan closures on Saturday night.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
Join Telegram: https://t.me/tapchibitcoinvn
Twitter (X): https://twitter.com/tapchibtc_io
Tiktok: https://www.tiktok.com/@tapchibitcoin
Youtube: https://www.youtube.com/@tapchibitcoinvn
Thach Sanh
