Pantheon Divitiarum (pantheon1)

Twitter Thread: Loopscale Hack Explained 🚨 BREAKING: $Solana DeFi lending protocol Loopscale has been hacked for ~$5.8M. Here’s what you need to know about the incident:

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1. 🕵️‍♂️ The attacker exploited Loopscale by taking a series of undercollateralized loans, draining 5.7M USDC and 1,200 SOL from the protocol. 2. 💸 Only Loopscale’s $USDC and $SOL vaults were affected. The stolen assets represent about 12% of the protocol’s TVL. 3.⏸️ Loopscale has paused lending markets and is working to restore repayment functionality ASAP to prevent further liquidations. 4. 🗣️ Co-founder Mary Gooneratne says: “Our team is fully mobilized to investigate, recover funds, and ensure users are protected.”

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Reminder: Always use caution with new DeFi protocols, even those with innovative models or recent launches. Stay tuned for updates and follow LoopscaleLabs for official statements.

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We are so back. HELLO FARCASTERIANS! 🖖

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