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Loopscale pauses Solana lending protocol after sustained attack campaign

Solana lending protocol Loopscale suspended operations following an escalating cyberattack targeting its SOL and USDC Genesis Vaults, stating that affected vaults were made whole and user deposits remain safe.

Loopscale logo with white emblem and text on a blue background
Image: @SolanaFloor

Solana lending protocol Loopscale suspended protocol activity after detecting an escalation in a weeklong attack campaign that targeted its SOL and USDC Genesis Vaults, the project announced. Loopscale reported that a sophisticated actor had directed more than 30,000 malicious requests per day at its application programming interfaces over the prior week, prompting the protocol to halt operations to mitigate the impact. Crypto Banter reported that Loopscale operates as an order-book lending platform with approximately $88 million in total value locked.[1][2][3][4][5]

The protocol confirmed that all deposited user funds are secured, noting that affected vaults have been made whole and no user deposits incurred any losses. Loopscale said it is actively collaborating with federal law enforcement agencies and cybersecurity professionals, and it published four wallet addresses it linked to the malicious activity.[1][2][3][5]

According to the announcement, normal protocol operations will remain paused until Loopscale determines the complete scope of the attack campaign and deploys additional security hardening. The team added that it plans to re-enable the user interface shortly and resume repayment functionality as soon as possible to prevent unforeseen liquidations.[1][2][3][5]

Key facts

  • Loopscale paused protocol activity following an escalated attack campaign targeting its SOL and USDC Genesis Vaults.
  • Loopscale reported its APIs received more than 30,000 malicious requests per day over the previous week.
  • Loopscale stated that affected vaults were made whole and no user deposits incurred a loss.
  • Loopscale published four wallet addresses it identified in connection with the attack activity.
  • Loopscale is actively working with federal law enforcement and security professionals regarding the incident.
  • Normal operations will remain suspended until Loopscale establishes the full scope of the campaign and implements further security hardening.
  • Loopscale plans to re-enable its interface shortly and restore repayment functionality to mitigate unforeseen liquidations.
  • Crypto Banter reported that Loopscale is a Solana order-book lending protocol with approximately $88 million in total value locked.

Sources 路 5 sources

  1. CB

    Crypto Banter@crypto_banterPost on X 路

    馃毃SOLANA LENDING PROTOCOL LOOPSCALE PAUSES AFTER SUSTAINED ATTACK CAMPAIGN! @Loopscale, a Solana order-book lending protocol with ~$88M TVL, says it was hit by a sustained campaign from a sophisticated actor (30,000+ malicious requests per day). It paused activity after an escalation targeting $SOL and USDC Genesis Vaults. All deposited user funds are secured. Affected vaults have been made whole with no user losses. Normal operations stay paused until the full scope is clear and further hardening is done. The team is working with federal law enforcement.

    Open source
  2. DN

    DEGEN NEWS@DegenerateNewsPost on X 路

    NEW: @loopscale PAUSES ACTIVITY AFTER AN ATTACK CAMPAIGN TARGETING ITS $SOL AND $USDC GENESIS VAULTS IT SAYS AFFECTED VAULTS HAVE BEEN MADE WHOLE, NO USER DEPOSITS WERE LOST, AND IT IS WORKING WITH FEDERAL LAW ENFORCEMENT https://t.co/jyufjIj4O3

    Open source
  3. CB

    Crypto Briefing@Crypto_BriefingPost on X 路

    馃毃Solana-based lending protocol Loopscale has suspended protocol operations after detecting a sustained campaign of malicious activity targeting its APIs. https://t.co/ANbZZzQ3cG

    Open source
  4. CB

    Crypto BriefingArticle 路

    DeFi protocol Loopscale suspends operations after weeklong attack campaign Loopscale's pause highlights the ongoing vulnerability of DeFi platforms to sophisticated attacks, emphasizing the need for robust security measures. The post DeFi protocol Loopscale suspends operations after weeklong attack campaign appeared first on Crypto Briefing .

    Open source
  5. SO

    SolanaFloor@SolanaFloorPost on X 路

    NEW: @Solana lending protocol @Loopscale says it has paused protocol activity after a sustained attack campaign targeting its $SOL and $USDC Genesis Vaults escalated, with APIs receiving over 30,000 malicious requests daily. Affected vaults have been made whole, and no user deposits have incurred a loss. The team identified four addresses linked to the activity and is working with federal law enforcement and security professionals. Normal operations will resume after the campaign鈥檚 full scope is established and further security measures are implemented.

    Open source