Loopscale Pulls Off $5.8M Heist Recovery: Negotiates with Hacker to Return Stolen Crypto!

Holy smokes! Loopscale just yanked back a whopping $5.8 million that got swiped in a slick April 26 exploit. How? They straight-up talked it out with the mastermind behind the heist!

The DeFi warriors at Loopscale announced they’ve got every single user's deposit back. And get this—the hacker took a whitehat bounty and skated away scot-free!

The whole mess kicked off thanks to a chink in Loopscale’s armor—their pricing gizmo for RateX PT tokens. This glitch let the cyber thief vacuum up 5.7 million USDC and 1,200 SOL from the vaults. Thankfully, the rest of the gang, borrowers and loopers, dodged the bullet.

“We’re spilling more beans soon, but let me tell you, the team and I are over the moon with the love and backup we’ve been getting from the crypto world these last 72 hours,” gushed Mary Gooneratne, Loopscale’s co-founder. “No way we could’ve pulled this off without everyone pitching in.”

10% Bounty: The Deal That Sealed the Deal

The moment Loopscale sniffed out the exploit, they slammed the brakes on their markets and shot a message straight to the hacker. They threw down the gauntlet: return 90% of the loot, and we’ll call it even.

In return, Loopscale dangled a 10% bounty—that’s about 3,947 SOL—and promised not to chase the hacker down if they played ball.

Guess what? The hacker bit within the 24-hour deadline. At the crack of dawn, 3:30 AM EST on April 28, the remaining 19,999 SOL boomeranged back to a Loopscale wallet, locking in the full recovery of the stolen stash.

Loan repayments and loop closing were back in action right after the breach, but hold your horses—vault withdrawals are still on ice while they dig deeper.

Loopscale’s not done yet. They’re promising a full-blown post-mortem in the next few days and are shouting out the Solana and wider crypto community for having their backs.