<ul><li>Solana-based DeFi lending protocol, Loopscale, was hacked two weeks after its launch, resulting in a loss of over $5.8 million (12% of TVL) and the platform pausing most services.</li><li>Attackers exploited a vulnerability in Loopscale's lending markets, stealing 5.7 million USDC and 1,200 SOL tokens.</li><li>Loopscale temporarily paused lending but allowed limited functions, while an investigation is ongoing to determine the extent of the breach and recover funds.</li><li>Loopscale, launched on April 10, aims to improve capital efficiency in DeFi lending by directly connecting lenders and borrowers.</li></ul>

Solana’s Loopscale Suffers Setback After $5.8 Million Exploit Weeks After Launch

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