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Jul 20, 2025
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Loopscale recovered US$2.8M following a RateX PT token exploit. Negotiation for return of the crypto with the attacker are ongoing. Find out what happened.
Decentralized finance platform, Loopscale, suffered a US$5.7 million RateX PT manipulation during the last weekend (April 25-26, 2026). The company has since retrieved more than US$2.8 million in Wrapped Solana (WSOL).
The company, in an April 29 X update, confirmed the return of approximately 19,463 WSOL across three transactions:
The attack took place on April 26 through a loophole in the RateX PT token pricing function. The attackers siphoned 1,200 SOL and a substantial amount of USDC, totaling a combined US$5.7 million out of Loopscale's SOL and USDC vaults. The attack accounted for around 12% of the funds on the platform and targeted vault depositors only.
The DeFi platform had provided the exploiter with a 10% reward and complete legal immunity in return for the 90% of the embezzled funds. The offer was done through an onchain message and was followed by a threat that law enforcement would be contacted if no reply was made within 24 hours.
By April 28, the attacker had replied, indicating a readiness to negotiate. Loopscale characterized the exchange as "continuing to make progress" toward resolution.
Recoveries like these are still rare in the DeFi ecosystem, although recent months have seen improvements.
On April 27, Term Finance, a lending protocol based on Ethereum, announced recovering US$1 million of a US$1.6 million loss resulting from a misconfigured oracle in its ETH market. 223 ETH were held internally, and an additional 333 ETH were recovered through direct negotiation with the relevant party.
Blockchain security company PeckShield reported that more than US$1.6 billion was stolen by crypto hacks in Q1 2025. US$1.5 billion of it was due to the Lazarus Group's hack on the centralized exchange Bybit.
Although almost half of the stolen funds have been recovered, the fate of the rest remains unknown. In case negotiations fail, Loopscale can still resort to legal means. Users and stakeholders wait with bated breath as the negotiation talks continue.
