Loopscale suffered a significant exploit, losing $5.7M USDC and 1,200 SOL due to oracle vulnerabilities. This breach accounted for 12% of its total holdings, prompting the suspension of markets to prevent further losses.
The co-founder, Mary Gooneratne, emphasized the team's commitment to transparency and fund recovery. Comprehensive investigations are currently underway with law enforcement and security experts to address the issues.
Ongoing scrutiny in the crypto industry could lead to stricter regulations and innovations in security protocols, aiming for better protection against such vulnerabilities in the future.
Full story here: https://coincu.com/334637-loopscale-exploit-usdc-sol-loss
