Solana-Based Crypto Project Loses Millions After Recent Hack
The post Solana-Based Crypto Project Loses Millions After Recent Hack appeared on BitcoinEthereumNews.com. Crime Loopscale, a decentralized finance project built on Solana, suffered a major security breach over the weekend, losing over $5.8 million — roughly 12% of its total value locked (TVL). The exploit targeted a specific market within the platform and was traced back to an issue with how Loopscale priced RateX-based collateral, according to a statement on X. Originally known as Bridgesplit, Loopscale pivoted from its early focus on NFT-based yield products to launching an order book lending platform in April. Unlike typical pool-based lenders like Aave or Solend, Loopscale’s model aimed to offer borrowers more predictable rates and stability. Backed by investors including Solana Labs and Coinbase Ventures, the project raised $4.25 million back in 2021. The platform had undergone audits by OShield earlier this year, which identified and reportedly fixed several critical vulnerabilities. Another review by Sec3 is still underway. Despite these efforts, the recent attack exposed serious flaws, prompting the Loopscale team to restrict some platform functions before partially reopening them for repayments and top-ups later on Saturday. Co-founder Mary Gooneratne said the team is fully mobilized to investigate the breach, recover stolen funds, and protect users. Meanwhile, the Loopscale incident joins a growing list of major DeFi hacks in 2025, including Bybit’s $1.46 billion loss and recent exploits at KiloEX and Infini. Author Alexander Stefanov Reporter at Coindoo Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to…
The post Solana-Based Crypto Project Loses Millions After Recent Hack appeared on BitcoinEthereumNews.com.
Crime Loopscale, a decentralized finance project built on Solana, suffered a major security breach over the weekend, losing over $5.8 million — roughly 12% of its total value locked (TVL). The exploit targeted a specific market within the platform and was traced back to an issue with how Loopscale priced RateX-based collateral, according to a statement on X. Originally known as Bridgesplit, Loopscale pivoted from its early focus on NFT-based yield products to launching an order book lending platform in April. Unlike typical pool-based lenders like Aave or Solend, Loopscale’s model aimed to offer borrowers more predictable rates and stability. Backed by investors including Solana Labs and Coinbase Ventures, the project raised $4.25 million back in 2021. The platform had undergone audits by OShield earlier this year, which identified and reportedly fixed several critical vulnerabilities. Another review by Sec3 is still underway. Despite these efforts, the recent attack exposed serious flaws, prompting the Loopscale team to restrict some platform functions before partially reopening them for repayments and top-ups later on Saturday. Co-founder Mary Gooneratne said the team is fully mobilized to investigate the breach, recover stolen funds, and protect users. Meanwhile, the Loopscale incident joins a growing list of major DeFi hacks in 2025, including Bybit’s $1.46 billion loss and recent exploits at KiloEX and Infini. Author Alexander Stefanov Reporter at Coindoo Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to…
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