Loopscale Strikes Deal with Hacker: Stolen Millions to be Returned for a Bounty!

Hacker Agrees to Return $5.8M in Exploited Funds

Holy smokes, folks! Loopscale, the decentralized finance platform that got hit hard, just announced they've cut a deal with the hacker who pulled off a slick $5.8 million exploit. In a wild turn of events, the hacker's agreed to give back the stolen loot in exchange for a 10% bounty. Can you believe it? Loopscale's thanking the hacker for being cool about settling things peacefully. They've promised to keep us posted on when vault withdrawals will kick back into gear and spill the beans on how the whole mess went down.

Loopscale's Response to the Exploit

Get this - at 3:52PM ET today, Loopscale got a message back from the mastermind behind the exploit. They're ready to hand over the pilfered funds in exchange for that sweet, sweet bounty. Loopscale's all about appreciating the hacker's willingness to play nice and they're hustling to wrap things up without any more drama.

Details of the Hack and Its Impact

On Apr. 26, Loopscale got rocked when a hacker jacked up its pricing system, swiping around $5.7 million in USD Coin (USDC) and 1,200 Solana (SOL) right out of its vaults. It all went down because of some shady manipulation of Loopscale's RateX PT token pricing, leaving depositors in the USDC and SOL vaults high and dry.

Loopscale's Actions Post-Hack

After the exploit, Loopscale slammed the brakes on vault withdrawals and shut down all markets while they dug into the breach. They confirmed the RateX collateral system was still solid, but depositors in the USDC and SOL vaults got hit hard.

The Whitehat Bounty Offer

Loopscale didn't waste any time - they hit the hacker with a whitehat bounty deal on Apr. 27, offering a 10% cut (3,947 SOL) if the hacker returned 90% of the stolen goods (35,527 SOL). And get this - the hacker would walk away with no legal heat in return.

Hacker's Response and Next Steps

Loopscale gave the hacker until 6 AM EST on Apr. 28 to make up their mind. And guess what? The hacker's on board, ready to return the stolen funds and snag that bounty. It's happening, people!

The Broader Context of Cryptocurrency Security

Hold onto your hats - the Loopscale hack is just part of a wild ride in the crypto world right now. In Q1 2025 alone, over $1.6 billion got snatched in crypto hacks, making it the craziest quarter for security breaches yet. And Q2's been no picnic either, with high-stakes heists like the $572,000 SIR.trading theft, the $5 million ZKSync exploit, and the $7 million KiloEx hack. It's a wild, wild west out there in the crypto space!