You Won't Believe What This Hacker Did With $5.8M – Spoiler: It's Kind of Awkward

So, here’s a juicy one: Loopscale, this totally chill decentralized finance platform, has somehow managed to strike a deal with the hacker who drained $5.8 million from its vaults. And get this—*they’re going to get the stolen funds back*. Yep, you heard that right. But only if the hacker takes home a sweet 10% bounty. Because why not? 🤷‍♀️

Loopscale, in a post on X (formerly Twitter, if you’re keeping track), made it clear that the hacker had agreed to return the loot in exchange for a 10% cut. A *generous* 10%—that’s 3,947 SOL, folks. I mean, who doesn’t love a little cut of their crime earnings? The platform, being the classy folks they are, thanked the hacker for settling this little dispute “amicably.” It’s nice to see people getting along these days, right? 🙄

At 3:52 PM ET today, we received a response from the exploiter. They have indicated a willingness to return the exploited funds in exchange for a bounty.

We appreciate their engagement so far and we are actively working to reach an amicable resolution.

As such, we will be…

— Loopscale (@LoopscaleLabs) April 28, 2025

The hack went down on April 26, and honestly, it was like the perfect storm for a catastrophe. Loopscale had its pricing system totally manipulated, resulting in a whopping $5.7 million in USD Coin (USDC) and 1,200 Solana (SOL) vanishing. Poof! Just like that. All thanks to some good ol’ manipulation of the RateX PT token pricing. It’s kind of like someone tweaking the price tags on all your stuff and running off with the cash. Who’s got the time to be honest these days? 🤦‍♂️

So, what did Loopscale do? They shut down vault withdrawals, paused all markets, and went into full detective mode. As they investigated, they confirmed that, thankfully, the RateX collateral system wasn’t the issue—just the poor souls who had deposited their USDC and SOL into those vaults. Not that anyone’s blaming them, right?

Fast forward to April 27, and Loopscale, in a move that’s basically as smooth as butter, proposed a whitehat bounty agreement. They offered the hacker 10% (3,947 SOL) in exchange for 90% of the stolen assets (35,527 SOL). All legal charges would be dropped. A solid deal. It’s like an official “get out of jail free” card—except no one’s even trying to arrest you. 🙄

The hacker had until 6 AM EST on April 28 to respond. So, guess what? They *did*. They agreed to the deal, because who wouldn’t want to hand back most of the loot and still walk away with a neat little payday? Just business as usual, right?

Oh, and did I mention this little hack comes at a time when security breaches in the crypto world are making headlines? Over $1.6 billion in hacks happened just in Q1 2025 alone. This is the worst quarter on record for breaches. And the hits just keep coming, with a bunch of other hacks making waves this year. Who needs peace of mind when you’ve got a bounty deal like this? 😏

2025-04-28 07:53

You Won’t Believe What This Hacker Did With $5.8M – Spoiler: It’s Kind of Awkward

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