Loopscale Breach Twist: Hacker Offers to Return Funds for 20%

The platform, which runs on the Solana network, said the talks started after the hacker showed interest in returning the funds through a message shared on Etherscan on April 27.

The hacker took about 5.7 million USDC USDC $0.9954 and 1,200 SOL SOL $147.15 from two of Loopscale’s yield vaults on April 26. Following the breach, Loopscale paused its lending services to prevent further risks.

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According to a post on X shared by co-founder Mary Gooneratne, the stolen assets made up about 12% of the platform’s total locked value.

The hacker offered to return the funds if a bounty was agreed upon. They stated:

We would like to negotiate the bounty percentage; our expectation is 20%. To demonstrate our commitment to a cooperative approach, we will immediately return the 5,000 wSOL funds following the transmission of this message.

Loopscale confirmed it is still negotiating the full return of the remaining assets. Updates have been shared through Etherscan's public communication channel, where both sides continue to post messages.

After the incident, Loopscale allowed users to repay loans, top up positions, and close loops. However, other functions, including withdrawals from vaults, are still paused as the team works on security improvements and further investigation.

On April 23, ZKsync, a Layer-2 scaling protocol on Ethereum ETH $1,810.30 , recovered about $5 million in crypto following a recent security breach. How? Read the full story.