Decentralized finance platform Loopscale has reached an agreement with the hackers who exploited its system, securing the return of stolen funds in exchange for a bounty.
Loopscale restricted vault withdrawals and temporarily stopped all markets after the exploit while looking into the breach. The platform confirmed that there were no issues with the RateX collateral system itself and that the only people impacted were depositors to the USDC and SOL vaults.
Loopscale proposed a whitehat bounty agreement to the hacker on Apr. 27th, offering a 10% reward (3,947 SOL) in exchange for 90% of the stolen assets (35,527 SOL). The hacker would receive immunity from all legal repercussions in exchange.
The platform gave the hacker until Apr. 28 at 6 AM EST to reply. The hacker appears to have agreed to the deal, expressing a willingness to return the stolen funds and claim the bounty.
The Loopscale hack coincides with an increase in security concerns in the cryptocurrency industry. More than $1.6 billion was lost to cryptocurrency hacks in Q1 2025 alone, making it the worst quarter for security breaches to date. Several high-profile hacks have occurred in Q2 so far, including the $572,000 SIR.trading theft, the $5 million ZKSync exploit, and the $7 million KiloEx hack.
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