$USDC

Loopscale of Solana Recovers Funds After Security Breach

AI Summary

According to Foresight News, the Solana-based lending protocol, Loopscale, released a report on a recent security incident. An attacker exploited a flaw in the pricing logic to borrow 5,726,700 USDC and 1,211.4 SOL. All funds were successfully recovered through negotiations.

The incident was caused by a code path that inadequately checked the price of RateX PT tokens, which was deployed without a third-party audit. Loopscale apologized for the breach and committed to enhancing security measures. These measures include mandatory third-party audits, launching a bug bounty program, increasing multi-signature authorization, and establishing lending and withdrawal limits.