Loopscale, a DeFi lending protocol on Solana, suspended lending operations after a hack resulting in the loss of around 5.8 million USD. This incident compromised about 12% of its total value locked, with the co-founder urging recovery measures.
Co-founder Mary Gooneratne stressed the importance of tracing and recovering the stolen funds. Loopscale is working to resume services to prevent further liquidations and protect user investments.
The first quarter of 2025 saw over 1.6 billion USD stolen from various platforms, primarily attributed to a major hack on ByBit. The incident highlights the vulnerabilities present in the cryptocurrency ecosystem, affecting both users and platforms.
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