Loopscale Releases Post-Hack Report: All Funds Recovered, Refinancing Function to Restart Soon

Loopscale released a post-hack report, disclosing that hackers exploited a pricing logic vulnerability in the protocol, leading to the unauthorized outflow of 5,726,724.97 USDC and 1,211.4 SOL from the USDC and SOL Genesis vaults. All funds have now been recovered.

Loopscale added that the full protocol functionality will be re-enabled in phases, with the refinancing feature set to restart soon. The grace period will be extended by 3 days, providing borrowers with the opportunity to repay or close positions. Borrowers are advised to monitor their positions in case of interest rate changes or liquidity tightening.

Additionally, balances of Vault or Advanced Lend depositors from April 26 to June 7 will receive a 12x points boost.