Hacker in Talks: LoopScale Crook Eyes Return of Stolen Crypto

The individual responsible for the $5.8 million theft from the Loopscale hack is currently negotiating with the company to return the stolen assets in exchange for a reward, according to statements made by the Solana-based protocol.

The plunderer stole around 5.7 million USDC USDC and 1,200 Solana SOL ) tokens from two of Loopscale’s yield vaults on April 26, causing the decentralized finance protocol to temporarily halt its loan market operations .

The next day, the hacker posted a message on the Etherscan blockchain explorer stating their readiness to return the stolen funds in exchange for a reward, as reported by Loopscale said In an April 27 X posting.

"We are open to working together to establish a white-hat pact. Nevertheless, we wish to discuss the bounty percentage; we anticipate it being set at 20%," stated the hacker. "In order to show our dedication to cooperation, we will promptly refund the 5,000 wSOL after sending this communication," they further noted.

Talks are still happening regarding the leftover money. according into the public message exchange on Etherscan.

Related: Solana's Loopscale halts lending following a $5.8 million hack.

The exploit

Web3 protocols often provide rewards to hackers who return stolen funds. Nonetheless, only a minor fraction of these incidents result in such recoveries. over $1.6 billion in cryptocurrency The theft that occurred during the initial three months of 2025 has been successfully resolved.

The Loopscale vulnerability affected only the protocol’s USDC and SOL vaults, resulting in losses equivalent to approximately 12% of its overall TVL. According to Mary Gooneratne, who is a co-founder of Loopscale, this was the extent of the impact. said In an April 26 X posting.

Following the assault, Loopscale briefly suspended lending activities but has subsequently "restored loan repayments, top-ups, and loop closure" services. said in an X post.

"All other features within the app (such as withdrawing from the Vault) remain temporarily limited as we continue our investigation and work towards mitigating this vulnerability," said Loopscale. said .

Loopscale, which launched on April 10th, is a decentralized finance (DeFi) lending protocol designed to boost capital efficiency through direct lender-borrower pairing.

Furthermore, Loopscale supports niche lending sectors like "structured credit, accounts receivable financing, and under-collateralized loans," according to an April statement provided to Cointelegraph.

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