Loopscale Releases Security Incident Report, All Funds Have Been Recovered

Foresight News reports that Solana-based lending protocol Loopscale has released a security incident report. The attacker exploited a pricing logic vulnerability to borrow 5.73 million $USDC and 1,211.4 $SOL, all of which have been recovered through negotiations. The incident originated from a code path that inadequately validated the price of the RateX PT token and was deployed without third-party auditing. Loopscale apologized and pledged to strengthen security measures, including enforcing third-party audits, launching a bug bounty program, increasing multi-signature authorization, and setting borrowing and withdrawal limits.