Solana's Loopscale Faces Security Breach Impacting USDC and SOL Funds

According to PANews, Solana-based lending protocol Loopscale reported a security breach on the X platform. On April 26 at 23:30 UTC+8, the RateX PT token pricing function was manipulated, resulting in the theft of approximately 5.7 million USDC and 1,200 SOL from Loopscale's USDC and SOL vaults. In response, all markets on Loopscale have been temporarily halted to allow for further investigation by the team. The breach affected around 12% of Loopscale's total funds, specifically impacting depositors of USDC and SOL into Loopscale's vaults. Borrowers and users of the revolving loan service were not affected. Efforts are underway to restore repayment functions swiftly to prevent unforeseen liquidation scenarios. The Loopscale team is actively collaborating with law enforcement, security experts, and investors to recover the stolen funds. A comprehensive technical analysis report will be released as soon as more information becomes available. The vulnerability originated from the RateX PT token market on Loopscale, but RateX itself remains unaffected.