💛🔶According to Foresight News, the Solana-based lending protocol, Loopscale, released a report on a recent security incident. An attacker exploited a vulnerability in the pricing logic to borrow 5,726,700 USDC and 1,211.4 SOL. All funds were successfully recovered through negotiations.
💛🔹The incident occurred due to a code path that did not adequately verify the price of RateX PT tokens, which was published without third-party auditing. 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 setting borrowing and withdrawal limits.
