Loopscale on Solana Recovers Funds After Security Breach

AI Summary

According to Foresight News, the Solana-based lending protocol Loopscale has 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 returned through negotiations.

The incident was caused by code that inadequately checked the price of RateX PT tokens, which was deployed without third-party auditing. Loopscale apologized for the breach and committed to strengthening security measures. These measures include mandatory third-party audits, launching a bug bounty program, increasing the number of signatures for authorization, and imposing limits on loans and withdrawals.$SOL