A Cryptocurrency Exchange reached an agreement with the cyber criminal, which hacked millions of people, which led to an increase in security issues in the digital currency industry.
Loopscale revealed on 28 April that the attackers were recently involved $ 5.8 million history Committed to refund the majority of stolen money in exchange for a reward payment.
Hackers agree to 10% reward after platform hack
As mentioned in the posts posted on X (East Twitter), Lupsclay was able to successfully interact with the attacker who had compromised his system on 26 April. The deal allows the attacker to maintain 10% of the theft cryptocurrency. “Bounty” And return to other 90% platform. It is about 3,947 Sol (Solan tokens) for the attacker, and returns to 35,527 Sol Loopscale.
Today at 3:52 pm, at ET, we received response from exploitation. He has indicated a desire to return the exploited funds in exchange for a reward.
We still appreciate their engagement and we are actively working to reach a cordial resolution.
– Loopscale (@loopscalelabs) 28 April, 2025
The firm appreciated the hacker for the consent for the settlement and assured that they would provide updates on the fact that when the vault withdrawal would begin again. He further assured that he would release a detailed analysis of how the attack took place and what he learned during the process.
Technical vulnerability led the theft of multi-military dollars
Reports indicate that hack was not a straight break-in, rather Refined manipulation Of pricing mechanisms of loopscale. The attacker manipulated the rates PT token pricing mechanisms, enabled them to withdraw them about 5.7 million dollars in USD coin and 1,200 solana tokens from platform vaults.
As of today, the market cap of cryptocurrencies stood at $2.93 trillion. Chart: TradingView
On finding the violation, Lupskel immediately suspended all the withdrawal on its vaults and stopped trading on their markets. The firm clarified that only users who had deposited funds in their USDC and Sol Vaults were impressed by the attack, not the overall rate of collateral system.
Granted as part of legal immune dialogue strategy
In response to the timeline provided by Loopscale, the company rapidly responded to taking care of the issue. He offered a bunt deal to the attacker on 27 April after hack. 10% of the payment was supplemented except for any legal discovery against hackers.
The site provided the hacker on April 28 at 6 am to respond to the proposal. Timeline closure tricked, and the hacker accepted the proposal with a sign of a desire to return the money in exchange for the promised reward.
Today both @Loopscalelabs And @Term_labs Hacked and lost millions each
How safe is it all really?
We are pursuing the produce, but hacked it really better than just keeping the bonds?
– Tim Halderson (@Timhaldorsson) 26 April, 2025
Loopscale phenomenon falls on another breech heels in term finance, increasing the alarm bells cryptocurrency Industry. The founder of the lunar strategy Tim Halderson expressed serious concern about whether the decentralized finance faces the potential returns of increasing safety risk investors.
Record-breaking quarters for cryptocurrency safety violations
Loopscale attack is one of the disappointing tendency to increase the cryptocurrency platform attacks. Security internal sources say the crypto hack was stolen over $ 1.6 billion between the first three months of 2025, which is the worst quarter period for security violations in history.
The tendency is that as the value and use of cryptocurrency, platforms have more difficulty in protecting the user from rapid sophisticated attacks. For some firms, direct interactions with hackers have become a practical, if the traditional law enforcement approach can be very slow or ineffective when the traditional law enforcement approach can be very slow or ineffective.
Specially displayed image from Telkom University, chart from tradingview
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