Loopscale, a Solana-based lending protocol had a recent security exploit. This unfortunate event resulted in a loss of $5.8 million, representing 12% of its total value locked (TVL). The platform, formerly known as Bridgesplit, officially went live on April 10. Unfortunately, it then became the target of a very sophisticated...
So, there you have it, another day, another DeFi platform goes kaput. This time it’s Loopscale, previously known as Bridgesplit – ring any bells? The new lending app, incubated by Solana Labs and Coinbase Ventures to disrupt the future of lending. All of this they are accomplishing with their new...
The DeFi space has seen its share of hacks. Now, the recent $5.8 million exploit of Loopscale is drawing a bright red circle around the critical issue of security. The Palumbo incident is worthy of greater scrutiny. It presents an opportunity to explore the inadequacies in the DeFi ecosystem and...
Loopscale, a decentralized finance (DeFi) protocol from Solana, was attacked this week to the tune of $1.2 million. The platform suffered a security breach that resulted in the direct loss of over $5.8 million. This incident represented a loss of about 12% of its Total Value Locked (TVL). This event...
Loopscale, a decentralized finance (DeFi) lending protocol on Solana, temporarily halted its lending markets after suffering an approximately $5.8 million exploit. The protocol went live on April 10 following a six-month closed beta. It’s now leveraged by lending markets for tokens like JitoSOL and BONK. With about $40 million in...
Remember those old Western movies? The same ones where banks got robbed at high noon, and the sheriff was always a day late and a dollar short? Turns out, DeFi is actually the Wild West, but with more complex code and fewer dusty saloons. Loopscale, a Solana-based lending protocol, just...
Meanwhile, Loopscale — a DeFi lending protocol on Solana — has taken a six-figure hit. On April 26th, $5.8 million disappeared, consisting of 5.7 million USDC and 1200 SOL. Ouch. Undercollateralized loans were the attacker’s weapon of choice. Lending markets are currently paused, however, even though some functions have restored....