Solana's Loopscale pauses lending after $5.8M hack

The DeFi lending protocol has restored loan repayments but some functionalities are still disabled, Loopscale said.

Update (April 26 at 8:57 PM UTC): This article has been updated to include updates from Loopscale.

Solana decentralized finance (DeFi) protocol Loopscale temporarily halted its lending markets after suffering an approximately $5.8 million exploit. 

On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post. 

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