Solana's Loopscale Recovers Funds After Security Breach

According to Foresight News, Solana-based lending protocol Loopscale has released a report on a recent security incident. An attacker exploited a pricing logic flaw to borrow 5,726,700 USDC and 1,211.4 SOL. All funds have been successfully recovered through negotiations. The incident was caused by a code path that inadequately verified the price of RateX PT tokens, which was deployed without a third-party audit. Loopscale has 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.