Loopscale has indeed recovered the stolen funds after successful negotiations with the hacker. Here's a breakdown of what happened:
- The Hack: On April 26, Loopscale's USDC and SOL vaults were exploited due to a vulnerability in the RateX PT token pricing mechanism, resulting in a loss of approximately $5.7 million (5.7 million USDC and 1,200 SOL).
- Negotiations: Loopscale offered the hacker a 10% bounty (around $570,000) in exchange for returning 90% of the stolen funds. The hacker responded positively, and negotiations led to the return of the funds.
- Fund Recovery: Loopscale received multiple transactions from the hacker, including 10,000 WSOL ($1.48 million), 4,463 WSOL ($660,000), and 5,000 WSOL ($740,000), totaling around $2.88 million in recovered funds. The team confirmed that all stolen funds have been recovered.
- Next Steps: Loopscale plans to release further details on vault withdrawals and provide a post-mortem analysis of the incident. The team has also re-enabled loan repayments, top-ups, and loop closing, while vault withdrawals remain paused temporarily.
The successful recovery of funds is attributed to Loopscale's swift action and collaboration with the hacker, as well as support from the Solana and broader crypto community .
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