Hacker in Talks to Return Stolen Crypto in £4.6M Loopscale Exploit
The hacker behind the $5.8 million (£4.6 million) Loopscale exploit is negotiating to return stolen funds in exchange for a bounty, according to the Solana-based protocol. The breach saw 5.7 million USDC and 1,200 Solana (SOL) stolen from two of Loopscale’s yield vaults on 26 April, prompting the platform to temporarily halt its lending markets.
🔐 Key Details:
- The hacker allegedly expressed willingness to return funds in a message via Etherscan, proposing a 20% bounty (roughly $1.16 million) in exchange.
- A partial refund of 5,000 wrapped SOL was reportedly sent immediately after initial contact.
- Negotiations for the remaining funds are ongoing, per public blockchain records.
💼 Context:
While crypto projects often offer bounties to recover stolen assets, less than 10% of funds from major 2024 hacks have been successfully retrieved. Loopscale confirmed the breach impacted 12% of its total locked value (TVL), though its core lending functions have since resumed.
🛡️ Platform Status:
- Withdrawals remain paused as security checks continue.
- The protocol, launched in April 2024, aims to boost capital efficiency via specialised lending markets, including undercollateralised loans.
📉 Industry Trend: Crypto thefts exceeded $1.6 billion in Q1 2024, with minimal recoveries highlighting systemic vulnerabilities.
Source: Loopscale, Etherscan, Cointelegraph
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