Loopscale paused its Solana lending protocol after a week-long attack campaign escalated, and said affected SOL and USDC Genesis Vaults have been made whole.
Key Facts
Loopscale said it paused protocol activity after detecting a significant escalation in a week-long campaign that sent more than 30,000 malicious requests a day to its APIs.
The attack attempts targeted its SOL and USDC Genesis Vaults; Loopscale said affected vaults have been made whole and no user deposits incurred a loss.
The protocol said it will not resume normal operations until it has established the full scope of the campaign, and that it is working with federal law enforcement.
Solana (SOL) lending protocol Loopscale has paused activity after a week-long campaign by what it called "a sophisticated actor" escalated, saying affected vaults have been made whole.
The protocol's APIs received more than 30,000 malicious requests a day over the past week, and the attack attempts targeted its SOL and USDC (USDC) Genesis Vaults, Loopscale said on X on Thursday.
"Affected vaults have been made whole and no user deposits have incurred a loss," Loopscale said.
What Loopscale Has Said
The protocol said its security systems had earlier detected a significant escalation in the campaign and that it "promptly acted to pause protocol activity to mitigate impact." It said all deposited user funds are secured.
Loopscale did not say what happened to the affected vaults before they were made whole, or how the attackers used its API.
It published four addresses it linked to the activity, two in Solana format and two in EVM format, and said it is working with federal law enforcement and security professionals.
Repayments and Liquidations
Loopscale said it will not resume normal operations until it has established the complete scope of the campaign and hardened its security further.
It plans to re-enable its interface shortly and is working to restore repayments as soon as possible "to mitigate unforeseen liquidations," it said. On a DeFi lending protocol, borrowers who cannot repay or top up collateral risk liquidation if prices move against them.
Loopscale lost $5.8 million in an exploit in April 2025, about two weeks after it launched. Elsewhere, Polymarket resumed trading last week after a $2.65 million wallet exploit.
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