🔥 DeFi Shock: Loopscale Hit with "Heavenly" Hack, Losing 5.8 Million USD!
On April 26, 2025, the DeFi community was stunned when Loopscale, an emerging lending protocol on the Solana ecosystem, was "visited" by hackers. In a short time, approximately 5.7 million USDC and 1,200 SOL were stolen.
Loopscale – expected to be a significant boost with its model connecting lenders and borrowers through a decentralized order book – had publicly launched less than a month before this incident occurred. The attack targeted under-collateralized loans, causing damage equivalent to about 12% of the platform's total value locked (TVL), which was holding approximately 40 million USD.
Immediately after detecting the anomaly, the development team promptly froze lending and repayment activities, while issuing a notice that they were "urgently investigating the incident" and seeking ways to recover users' assets.
Loopscale is known for its ambition to create an entirely new DeFi lending market, supporting both structured credit and uncollateralized loans. However, this hack has dealt a heavy blow to user confidence, especially when the DeFi market lost more than 1.6 billion USD in the first quarter of 2025 due to similar security incidents.