Solana-based DeFi platform Loopscale was hacked, losing $5.7 million just two weeks after the platform launched

Loopscale launched on April 10, 2025. The Solana-based DeFi platform was hacked on Saturday, losing 1,200 SOL worth $5.7 million (12% of its TVL) just two weeks after launching.

The attackers found a problem in one of Loopscale’s markets and used it to steal the money.

Loopscale said it is working with law enforcement to find the hacker and get the money back. The platform also temporarily shut down some features to investigate the situation.

The problem came from how Loopscale handled the pricing of a certain type of collateral called RateX. They are still investigating how the issue happened, who was responsible, and how to recover the stolen funds.

Loopscale had previously raised $4.25 million from investors like Solana Labs and Coinbase Ventures back when it was known as Bridgesplit, a project focused on NFT-based products. L

Loopscale’s lending system is different from others like Aave and Solend because it uses an order book model, which gives users more predictable loan terms and avoids big swings in interest rates.

Earlier this year, an audit by OShield found several major vulnerabilities, but Loopscale said all critical and high-risk issues were fixed. A second audit by Sec3 is still in progress.

Loopscale’s co-founder Mary Gooneratne said the team is fully focused on investigating the hack, recovering the money, and protecting users.

This hack adds to a growing list of crypto attacks in 2025, including Bybit’s $1.46 billion hack in February, a $7 million exploit at KiloEX, and a $49 million loss at Infini.

After the hack, Loopscale restricted its platform’s features but later reopened loan repayments, top-ups, and closing loops by Saturday evening.

 
As of the latest update Loopscape said on X that:

"At 3:52PM ET today, we received a response from the exploiter. They have indicated a willingness to return the exploited funds in exchange for a bounty. We appreciate their engagement so far and we are actively working to reach an amicable resolution. As such, we will be sharing the plan for resuming withdrawals and a full post-mortem in the next few days, rather than today."