Hacker Agrees to Return 12% of Stolen Funds to Loopscale

Loopscale, a modular DeFi lending market built on Solana, announced that a hacker has agreed to return the stolen funds following a security breach. The hacker, who exploited the RateX PT token pricing function, manipulated the system to steal approximately 5.7 million USDC and 1,200 SOL, which accounted for about 12% of the platform's total funds. The incident occurred on April 27 at 12:30 am (Beijing Time).

The hacker's decision to return the funds came after Loopscale offered a white hat agreement, proposing to return 90% of the exploited funds (35,527 SOL) in exchange for the stolen assets. The hacker agreed to this proposal and has committed to releasing a withdrawal recovery plan in the coming days. This plan is expected to provide a comprehensive roadmap for users to regain access to their funds and restore trust in the platform.

The cryptocurrency community has responded with cautious optimism to the news. While the exact details of the recovery plan are yet to be disclosed, the hacker's commitment to returning the funds is seen as a positive step towards addressing the security breach. The community has been closely monitoring the situation, and this development is viewed as a significant milestone in the ongoing efforts to restore confidence in the platform.

The incident underscores the importance of robust security measures in the cryptocurrency space. As the digital asset ecosystem continues to evolve, platforms must prioritize security and implement measures to protect users' funds. The agreement between Loopscale and the hacker highlights the need for ongoing vigilance and proactive measures to safeguard against potential threats.

In the coming days, the cryptocurrency community will be closely watching the release of the withdrawal recovery plan. The plan is expected to outline the steps being taken to return the stolen funds and restore access to users' accounts. This development is a positive sign for the future of the platform and the broader cryptocurrency ecosystem, as it demonstrates a commitment to transparency and accountability.

The agreement between Loopscale and the hacker is a significant development in the ongoing efforts to address the security breach. The commitment to return the stolen funds and release a recovery plan is a positive step towards restoring trust and confidence in the platform. As the cryptocurrency community continues to evolve, it is essential for platforms to prioritize security and implement measures to protect users' funds. The upcoming withdrawal recovery plan is expected to provide further clarity on the steps being taken to ensure the safety and security of users' funds, and the community will be closely monitoring the situation in the coming days.