The Loopscale protocol on Solana suffered a significant exploit, resulting in the theft of 5.7 million USDC and 1,200 SOL. Investigations are being conducted with law enforcement to recover the stolen assets.
This incident, caused by a manipulated pricing function, threatens Loopscale's financial stability, accounting for approximately 12% of its total funds.
All lending markets have been paused to prevent further losses, protecting client assets during the investigation. The community's response remains limited, highlighting concerns about DeFi security and the need for improved pricing mechanisms.
Full story here: https://coincu.com/334640-loopscale-losing-usdc-sol-hack
